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Nexon released its financial results for Q3, with revenue growing year-on-year but net income going down.
The numbers
For the three months ended September 30, 2024:
- Revenues: ¥135.6 billion ($874 million), up 12.7% year-on-year
- Net income: ¥27 billion ($174 million), down 23% year-on-year
The highlights
Nexon noted that its revenue for Q3 grew but was “slightly below” its forecast, due to negative impact from foreign exchange.
Dungeon & Fighter Mobile and The First Descendant were both mentioned as contributors to the company’s revenue growth, but this was offset by revenue declines from the PC version of Dungeon & Fighter, MapleStory, and Wars of Prasia, which had performed strongly during the same period last year.
Dungeon & Fighter Mobile’s growth was due to its launch in China last May, Nexon explained. The franchise as a whole grew 142% year-on-year as a result of the mobile Chinese release.
Looking at the revenue split, PC represented ¥70 billion ($452 million) of Nexon’s total, and was down 18% year-on-year. Mobile amounted to ¥64 billion ($413 million), and increased an impressive 89% compared to Q3 FY24.
CEO Junghun Lee commented: “The third quarter reinforced our confidence in Nexon’s growth strategy. Over the next few quarters, we plan to continue investing in our long-term vision to achieve step-change growth in our revenue and operating income by strengthening existing franchises and growing our IP portfolio. This may temporarily impact the pace of our financial growth, but we know from our experience that this is a necessary step to create the next wave of dynamic growth.”
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