Nexon has announced its financial results for its first quarter ended on March 31st 2023 which sees its Quarterly Revenue Year on Year (YoY) up 36%.
This growth can be attributed to the strong performance of some of their mobile titles which include Dungeon & Fighter in China, Fifa Online 4, Fifa Mobile and Blue Archive.
Owen Mahoney, President and CEO of Nexon was quoted saying:
“Our record-breaking first quarter reflects the success of our large and growing portfolio of global franchises. On top of the steady growth from our existing games, we are currently developing the strongest collection of new titles in Nexon’s 28-year history. This unique combination of powerful existing franchises and multiple new Virtual Worlds in development offer an asymmetric upside opportunity for our shareholders.”
In Quarter 1, Nexon achieved record-breaking revenue of JPY 124.1 billion, up 36% year over year on an as-reported basis and up 28% year over year on a constant-currency basis thanks to the global performance of its mobile titles.
Net income of JPY 52.8 billion increased 31% year over year which is due in part to a JPY 5.6 billion FX gain, primarily on US Dollar-denominated cash deposits.
Not all of Nexon titles performed within expectations however, as MapleStory was below their quarterly outlook which Nexon claimed was due in part to the player perception of an imbalance in difficulty levels between game servers. KartRider: Drift is also falling below expectations globally with Nexon following up on player feedback to work on improvements.
On a more positive note, Blue Archive performed well with revenue increasing by 29% year over year in Japan due to a successful 2nd Anniversary update, and 10% year over year in North America and Europe alongside MapleStory.
Nexon is expecting a growth in Quarter 2 with projected revenue in the range of JPY 88.4 to JPY 96.7 billion, representing a 5% to 15% increase year over year on an as-reported basis and a 7% to 17% increase on a constant-currency basis.
For further information regarding the announcement, you may check out their official website.