Nexon Reports Strong Q3 Revenues and Expects Highest Annual Revenue in Company's 28 Year History

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Nexon reported Q3 earnings earlier this week and revenues were up 28% year over year largely driven by the strong performance of MapleStory, FIFA Online 4, Dungeon Fighter Online Mobile, and HIT2 (Heroes of Incredible Tales 2).

Q3 Revenues were a record breaking 97.5B Yen (~ $680m) with profit clocking in at 43.3B Yen (~ $300m). South Korea performed particularly well with revenues in the region hitting a record high, up 56% year over year.

PC revenues still accounted for most of Nexon's revenues at 68% of total sales with mobile coming in at 32%.

Interestingly Nexon's older games like Mabinogi continue to perform well 18+ years after originally launching in 2004! Mabinogi hit a record high in revenue in South Korea despite its age.

North America continues to be a massive money loser. The company has basically never reported consistent profits in the region and has continually lost money operating their North American business. In this most recent quarter Nexon reported 3.5 billion yen in sales for North America and an operating loss of 1.5 billion yen (~ $10.5m). Nexon makes most of their profits from South Korea and China.

Nexon's development pipeline includes:

  • TalesWeaver: Second Run, to be released on mobile in Japan in Q4
  • KartRider: Drift in 1H 2023. It will be available on PC, mobile and console
  • THE FINALS from Embark Studios on PC and console
  • ARC Raiders from Embark Studios for PC and console
  • Warhaven from Nexon Korea on PC and console
  • The First Descendant from NEXON Games on PC and console
  • MABINOGI MOBILE from our devCAT Studio in Korea

Further Reading: Nexon Q3 2022 Revenues