Nexon Report: Operating Profit Increased by 43%, but The First Berserker: Khazan Earned Less Than Expected at Launch

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The first three months of 2025 were mixed for Nexon. In the report for the quarter ending March 31, the company reported both an increase in revenue and operating profit, as well as falling short of forecasts for several games, including The First Berserker: Khazan.

Released at the end of the first quarter, The First Berserker: Khazan performed worse in the initial days than Nexon had hoped

The First Berserker: Khazan

  • Nexon's revenue for January-March 2025 was 113.9 billion yen ($769 million), which is a 5% increase compared to the previous year.
  • The company's operating profit surged 43% to 41.6 billion yen ($281 million).
  • However, net profit dropped 27% to 26.27 billion yen ($177 million). Nexon attributed the decline to losses from the impairment of several investments.
  • This time, Nexon's most profitable region was not China but South Korea, where the company earned 54.25 billion yen ($366 million, -5%). In China, revenue was 1.4 times lower — 37.58 billion yen ($253 million, +29%).
  • Other top markets included North America and Europe (10.8 billion yen or $73 million, +9%) and Japan (3.9 billion yen or $27 million, +9%).
  • The division of revenue by platforms was as follows: 68% came from PC and consoles, and 32% from mobile.
  • The main growth drivers for the company remained the Dungeon & Fighter and MapleStory franchises. In particular, the revenue for the former increased by 60%, and the latter by 8%.

Revenue growth of Nexon franchises

Revenue dynamics of Nexon's key franchises from 2013 to 2025

  • However, the quarterly DAU and revenue for Dungeon & Fighter Mobile fell below Nexon's expectations.
  • Released on March 27, The First Berserker: Khazan earned less in the first four days than the company anticipated. How much less is not mentioned. Nevertheless, Nexon noted that both critics and gamers gave positive feedback about the game.
  • Quarterly revenue for The First Descendant also fell short of projections due to an underwhelming second season. However, the number of active users in the game increased.
  • On the other hand, the second public testing of ARC Raiders, held at the end of April and early May, "significantly" exceeded Nexon's expectations. For example, 50% more Steam users added the game to their wish lists than anticipated. The shooter performed especially well in the West.

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Nexon

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