Nexon Reports Strong 2Q 2023 Earnings With Record $646M Revenue

August 9, 2023 Omer Altay Comments

Nexon reported a strong Q2 today with earnings for the quarter coming in at a record 94.4B JPY (~$646M USD). Operating income (profit) came in at 27.6B JPY (~$192M). Nexon's CEO, Owen Mahoney attributed the quarter's success to strong performances from Fifa Online 4, FIFA Mobile, Wars of Prasia, HIT 2 (Heroes of Incredible Tales 2), Blue Archive. The continued success of MapleStory and Dungeon Fighter Online (the company's 2 most important games) were mentioned positively out as well.

Some highlights from the quarter:

MapleStory Korea grew actrive users by 'double digits' year over year and is expected to continue growth in Q3.
North American & European revenues declined 5% year over year due to weakness in mobile games (Namely Choices). Dave the Diver performed well.
Dave the Diver performed well and will launch on Nintendo Switch later in the year.
ARC Raiders completed a 3 day closed alpha test earlier in June and is slowly making its way towards release.
THE FINALS finished up their 2nd closed beta and is expected to launch later this year.

PC revenues came in at 69% and mobile at 31%. South Korea and China remain the two most important markets for Nexon.

Nexon's pipeline of new games remains robust with numerous titles under development. Western audiences are likely most excited for Arc Raiders and The Finals.

As we've discussed in the past, Nexon's North American operations continue to be a massive moneyloser for the company. Revenue for NA came in at 2.9B JPY (~$20.5 USD) with losses for the division at 2.7B JPY (~$19M USD). For every dollar in revenue, Nexon loses almost a dollar!