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DoubleDown Q3 Earnings & Revenues Miss Estimates, ARPDAU Up Y/Y
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DoubleDown Interactive Co., Ltd.'s (DDI - Free Report) third-quarter 2024 earnings and revenues missed the Zacks Consensus Estimate. Following the results, the company’s shares declined nearly 1% in the after-hours trading session yesterday.
During the third quarter, DoubleDown benefited from steady growth in its core social casino and SuprNation iGaming businesses. The company’s social casino segment saw a consistent revenue increase for the fourth quarter in a row, indicating DoubleDown's expertise in engaging and monetizing loyal players. This success was partly due to a disciplined approach to user acquisition and research, which supports strong profitability and free cash flow.
DoubleDown's iGaming division, SuprNation, has also exceeded initial revenue expectations since its acquisition, further strengthening the company’s portfolio.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
DDI Q3 Results in Detail
The company reported earnings per share (EPS) of 51 cents, which missed the Zacks Consensus Estimate of 55 cents by 7.3%. In the prior-year quarter, it reported an EPS of 54 cents.
Revenues of $83 million also missed the consensus mark of $83.5 million. The top line grew 13.7% on a year-over-year basis. SuprNation iGaming operations contributed $7.8 million to the quarterly revenues.
Average revenue per daily active user (ARPDAU) for the company’s social casino/free-to-play games increased to $1.30 from $1.06 reported a year ago. The average monthly revenue per payer for the social casino/free-to-play games also increased 14.7% year over year to $281.
Adjusted EBITDA increased to $36.1 million from $29.7 million reported in the year-ago quarter. Adjusted EBITDA margin expanded 280 basis points to 43.5% year over year.
Total operating expenses increased year over year to $47.7 million from $43.3 million. This rise was due to the inclusion of operating expenses related to SuprNation.
DDI’s Financial Information
As of Sept. 30, 2024, DoubleDown had cash and cash equivalents of $292.7 million compared with $206.9 million as of Dec. 31, 2023.
At the end of the first nine months of 2024, net cash from operating activities was $101.1 million compared with $8.9 million of net cash used in operating activities in the year-ago period.
Carnival Corporation & plc (CCL - Free Report) reported impressive third-quarter fiscal 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. Both top and bottom lines increased on a year-over-year basis. This upside was backed by sustained demand strength and increased booking volumes. In the quarter, the company reported strong booking momentum for 2025, with volumes remaining robust at higher prices compared with the prior year.
The company raised its 2024 adjusted EBITDA guidance due to strong demand and cost-saving opportunities. Management expects net yields at constant currency to increase around 10.4% compared with 2023 levels, exceeding the prior guidance provided in June.
Vail Resorts, Inc. (MTN - Free Report) reported mixed fourth-quarter fiscal 2024 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. Revenues declined on a year-over-year basis and the adjusted loss widened from the prior-year quarter’s levels.
In the quarter, its EBITDA declined year over year due to the underperformance of the winter business in Australia. Snowfall at Australia’s resorts fell 28% from the prior year’s levels and was 44% below the 10-year average, leading to an 18% drop in skier visitation. Although North America’s summer mountain business did not meet expectations, it achieved 15% revenue growth with fewer weather and construction-related disruptions.
Hilton Worldwide Holdings Inc. (HLT - Free Report) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. Both the metrics increased on a year-over-year basis.
The company's performance was backed by notable improvements in revenue per available room, attributed to higher occupancy rates and average daily rates. Furthermore, in the quarter, Hilton opened 531 new hotels. It achieved net room growth of 33,600. As of Sept. 30, 2024, Hilton's development pipeline comprised nearly 3,525 hotels, with almost 492,400 rooms across 120 countries and territories, including 28 countries and regions with no running hotels. For 2024, the company expects net unit growth in the range of 7-7.5%.
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DoubleDown Q3 Earnings & Revenues Miss Estimates, ARPDAU Up Y/Y
DoubleDown Interactive Co., Ltd.'s (DDI - Free Report) third-quarter 2024 earnings and revenues missed the Zacks Consensus Estimate. Following the results, the company’s shares declined nearly 1% in the after-hours trading session yesterday.
During the third quarter, DoubleDown benefited from steady growth in its core social casino and SuprNation iGaming businesses. The company’s social casino segment saw a consistent revenue increase for the fourth quarter in a row, indicating DoubleDown's expertise in engaging and monetizing loyal players. This success was partly due to a disciplined approach to user acquisition and research, which supports strong profitability and free cash flow.
DoubleDown's iGaming division, SuprNation, has also exceeded initial revenue expectations since its acquisition, further strengthening the company’s portfolio.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
DDI Q3 Results in Detail
The company reported earnings per share (EPS) of 51 cents, which missed the Zacks Consensus Estimate of 55 cents by 7.3%. In the prior-year quarter, it reported an EPS of 54 cents.
Revenues of $83 million also missed the consensus mark of $83.5 million. The top line grew 13.7% on a year-over-year basis. SuprNation iGaming operations contributed $7.8 million to the quarterly revenues.
Average revenue per daily active user (ARPDAU) for the company’s social casino/free-to-play games increased to $1.30 from $1.06 reported a year ago. The average monthly revenue per payer for the social casino/free-to-play games also increased 14.7% year over year to $281.
DoubleDown Interactive Co., Ltd. Sponsored ADR Price, Consensus and EPS Surprise
DoubleDown Interactive Co., Ltd. Sponsored ADR price-consensus-eps-surprise-chart | DoubleDown Interactive Co., Ltd. Sponsored ADR Quote
DDI’s Operating Results
Adjusted EBITDA increased to $36.1 million from $29.7 million reported in the year-ago quarter. Adjusted EBITDA margin expanded 280 basis points to 43.5% year over year.
Total operating expenses increased year over year to $47.7 million from $43.3 million. This rise was due to the inclusion of operating expenses related to SuprNation.
DDI’s Financial Information
As of Sept. 30, 2024, DoubleDown had cash and cash equivalents of $292.7 million compared with $206.9 million as of Dec. 31, 2023.
At the end of the first nine months of 2024, net cash from operating activities was $101.1 million compared with $8.9 million of net cash used in operating activities in the year-ago period.
Zacks Rank of DDI
DoubleDown currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Consumer Discretionary Releases
Carnival Corporation & plc (CCL - Free Report) reported impressive third-quarter fiscal 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. Both top and bottom lines increased on a year-over-year basis. This upside was backed by sustained demand strength and increased booking volumes. In the quarter, the company reported strong booking momentum for 2025, with volumes remaining robust at higher prices compared with the prior year.
The company raised its 2024 adjusted EBITDA guidance due to strong demand and cost-saving opportunities. Management expects net yields at constant currency to increase around 10.4% compared with 2023 levels, exceeding the prior guidance provided in June.
Vail Resorts, Inc. (MTN - Free Report) reported mixed fourth-quarter fiscal 2024 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. Revenues declined on a year-over-year basis and the adjusted loss widened from the prior-year quarter’s levels.
In the quarter, its EBITDA declined year over year due to the underperformance of the winter business in Australia. Snowfall at Australia’s resorts fell 28% from the prior year’s levels and was 44% below the 10-year average, leading to an 18% drop in skier visitation. Although North America’s summer mountain business did not meet expectations, it achieved 15% revenue growth with fewer weather and construction-related disruptions.
Hilton Worldwide Holdings Inc. (HLT - Free Report) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. Both the metrics increased on a year-over-year basis.
The company's performance was backed by notable improvements in revenue per available room, attributed to higher occupancy rates and average daily rates. Furthermore, in the quarter, Hilton opened 531 new hotels. It achieved net room growth of 33,600. As of Sept. 30, 2024, Hilton's development pipeline comprised nearly 3,525 hotels, with almost 492,400 rooms across 120 countries and territories, including 28 countries and regions with no running hotels. For 2024, the company expects net unit growth in the range of 7-7.5%.