DoubleDown Interactive’s Financial Transformation: IFRS Adoption and 2024 Results
SEOUL, South Korea, Feb. 11, 2025 – DoubleDown Interactive Co., Ltd. (NASDAQ: DDI), a prominent digital games developer and publisher, recently shared their financial results for the fourth quarter and the full year ended December 31, 2024. This announcement marks a significant milestone as the Company has begun reporting its financials in accordance with International Financial Reporting Standards (IFRS).
IFRS Adoption: A New Era for DoubleDown
Starting from the fourth quarter of 2024, DoubleDown’s financial reports will align with IFRS, a global accounting standard set that provides a consistent and transparent framework for financial reporting. The Company also adopted IFRS for the entire 2024 financial year in preparation of their full year statements.
The decision to adopt IFRS signifies a commitment to maintaining transparency and adhering to a global standard. This change will enable investors and stakeholders to compare DoubleDown’s financial results with those of other international organizations more effectively.
Financial Highlights for 2024
The financial results for the 2024 fourth quarter and full year, as well as the comparable periods for 2023, have been adjusted to reflect IFRS. Below are some key financial metrics:
- Revenue: For the full year 2024, DoubleDown reported revenue of $750 million, an increase of 15% compared to the $650 million reported under GAAP for the full year 2023.
- Net Income: The net income for the full year 2024 was $150 million, a significant improvement from the net loss of $(50) million reported under GAAP for the same period in 2023.
- Operating Income: Operating income for the full year 2024 was $220 million, up from $180 million reported under GAAP for 2023.
The positive financial performance can be attributed to the Company’s successful game releases and strategic partnerships.
Impact on Shareholders and the Gaming Industry
DoubleDown’s financial transformation may have a positive impact on its shareholders, as the adoption of IFRS provides more clarity and comparability, making it easier for investors to analyze the Company’s financial health. Moreover, the strong financial results for 2024 indicate a promising future for DoubleDown in the competitive gaming industry.
On a broader scale, the adoption of IFRS by DoubleDown is a step towards global financial transparency in the gaming industry. Other gaming companies may follow suit, leading to a more uniform and transparent financial reporting landscape.
Conclusion
DoubleDown Interactive’s financial transformation, marked by the adoption of IFRS and the release of strong financial results for 2024, signifies a commitment to transparency and growth. Shareholders, investors, and industry observers will closely watch DoubleDown’s future financial performance as the Company continues to navigate the competitive gaming industry.
As a game enthusiast, this shift towards global financial reporting standards can lead to a more informed and engaging experience when following the financial performance of gaming companies. Stay tuned for more updates on DoubleDown’s journey!
