The financial reporting season continues as Nexon has now unveiled the results for the third quarter of 2024 (July-September). For the second consecutive time, the company has reported record-breaking revenues.
Key highlights from the report:
▫️ Nexon's revenue amounted to 135.6 billion yen (907.7 million USD), marking a 13% year-over-year increase. This is the highest revenue recorded for any third quarter in Nexon's history;
▫️ The company's operating profit for the third quarter was also record-breaking at 51.5 billion yen (344.7 million USD), showing an 11% increase compared to the previous year;
▫️ According to Nexon, these records were achieved thanks to a shift in business strategy. The company had previously announced plans to aggressively expand its projects into new markets and platforms and to work more on new IPs;
▫️ However, Nexon's net profit dropped by 23% over the year to 27 billion yen (180.7 million USD);
▫️ China once again emerged as the main revenue market for Nexon, accounting for 56.6 billion yen (378.9 million USD), which is a 138% increase over the third quarter of 2023;
▫️ In South Korea, Nexon earned 47.2 billion yen (316 million USD, -38%), while in North America and Europe, it brought in 17 billion yen (113.8 million USD, +93%), and in Japan — 5.98 billion yen (40 million USD, +91%);
▫️ Nexon's revenue from PC games fell by 18% to 70.79 billion yen (474 million USD). Meanwhile, revenue from mobile games soared by 89% to 64.8 billion yen (433.8 million USD);
▫️ The Chinese version of Dungeon & Fighter Mobile was among the most successful games for the quarter. Although Nexon did not disclose its earnings, the company noted that the quarterly revenue for the entire Dungeon & Fighter Mobile franchise increased by 142% compared to the previous year;
▫️ The MapleStory franchise showed record-high revenues in North America, Europe, and Japan;
▫️ Another growth driver was The First Descendant, with 75% of the game's revenue coming from western markets;
▫️ The release of the fourth season helped The Finals improve player retention levels;
▫️ Nexon is pleased with ARC Raiders' public testing conducted in October. As noted by the company, player feedback on the shooter improved compared to the June testing.