April 25, 2024

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[THE INVESTOR] KOSDAQ-listed social casino game maker DoubleUGames announced on Nov. 7 record-high quarterly sales backed by the acquisition of its US competitor Double Down Interactive.

DoubleUGames’ consolidated sales in the third quarter reached 107.2 billion won (US$96.4 million), soaring 185.2 percent on-year. The highest it has earned so far.

The company’s stand-alone revenue was 14.8 billion won, up 77.4 percent on-year, while its operating profit grew by 172.5 percent on-year to 27.6 billion won.

DoubleU Casino, a social casino game developed by DoubleUGames

DoubleUGames bought a 100 percent stake in DDI, a US social casino game developer, in June.

“Since the acquisition of DDI, we have been focusing on improving the ‘DoubleDown Casino’ service, and as a result, we are seeing a rise in total settlements and improved earnings,” said CFO Yong-Joon Won.

Shares of the company, however, fell more than 5 percent as of 11:38 a.m. after it soared 9.85 percent on the previous day.

By Park Ga-young (gypark@heraldcorp.com)