Nexon said its second-quarter earnings were driven by Dungeon&Fighter Mobile in the Chinese market. And it also said The First Descendant, a new Nexon intellectual property, launched globally on July 2 and quickly became a top-seller on Steam.
North American players comprised the highest number globally and console players made up approximately 60% of the total. That’s a good thing as Nexon is targeted global expansion, beyond its roots in South Korea and the rest of Asia.
“We are extremely pleased with our recent progress which includes breakaway performances by Dungeon&Fighter Mobile in China and a brand new IP, The First Descendant,” said Junghun Lee, CEO of Nexon, in a statement. “These represent important proof points for Nexon’s IP Growth Initiative, which leverages extensions on our well-established IP, together with the development of all new games with potential to become enduring pillars of our IP portfolio.”
Lee took over as CEO recently after the retirement of longtime CEO Owen Mahoney.
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Dungeon&Fighter Mobile in China launched on May 21 and sustained the top grossing position on China’s iOS chart for more than 11 weeks – making it one of the most successful mobile releases in that country’s history.
Q2 revenue was ¥122.5 billion, up 30% year over year on an as-reported basis and up 19% on a constant-currency basis, which exceeded our outlook. Operating income exceeded our expectations – up 64% year over year to ¥45.2 billion, driven by significant revenue outperformance, while recording higher-than-expected performance-based bonuses.
Net income was ¥39.9 billion, up 63% year over year. Results exceeded our outlook, primarily due to operating income outperformance and an FX gain of ¥8.2 billion.
In Q2, three major franchises – Dungeon&Fighter, MapleStory and FC – in aggregate delivered strong year-over-year growth of 57%.
Both FC Online and FC Mobile exceeded expectations. However, as expected, FC Online5 revenue was down year over year due to a challenging comparison with Q2 2023.
The April debut of the animated series Blue Archive has expanded the IP fanbase. Worldwide, game revenue set a Q2 record driven by double-digit growth in Japan and a contribution from the China service.
Regarding The Finals, Nexon said ongoing adjustments to the game’s balance and modes are designed to improve player retention.
Nexon and Embark Studios announced agreements with Tencent to customize The Finals and ARC Raiders to appeal to players in China.
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