Revenue fell 11.5% year-on-year from $96.7 million in the first quarter of 2021. DoubleDown attributed this to stay-at-home orders – which were enforced due to the Covid-19 pandemic – lifted throughout the first quarter of 2022.

Operating expenses were $60.8 million, down 14.3% year-on-year. This was linked to the decline in income. Revenue costs accounted for the bulk of expenses, at $28.8 million, a decrease of 14.7%.

Selling and marketing expenses accounted for $19.7 million, remaining stable compared to the first quarter of 2021, while general and administrative expenses increased by 22.4% to reach $5.2 million.

Research and development expenses fell to $4.6 million from $5.6 million, while depreciation costs decreased significantly by 70.4% to $2.2 million.

Taking this into account, operating profit for the quarter was $24.6 million, down 3.6%.

Interest income and gains on foreign currency transactions and revaluation added $2 million to income. However, this was offset by a loss of $1.7 million in short-term investments, $470,000 in interest expense, and $35,000 in other costs.

Pre-tax profit was $24.5, down 6%. After an income tax charge of $6 million, total net income for the quarter was $18.4 million, a decrease of 19.4%.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $29.6 million.