Nexon more than doubled profits in Q1
Pixelberry acquisition boosted North American revenue, but Korea remains Nexon's source of strength
Nexon more than doubled its profits in Q1, and revenues rose 20 per cent to more than $800 million.
In the quarter ended March 31 2018, Nexon earned ¥90.5 billion ($825 million) in revenue, up 21 per cent over the prior year. Net profit soared, however, increasing by 134 per cent to ¥46.6 billion ($425 million).
The company remains strongest in Korea, where its quarterly revenue rose 21 per cent to ¥81.8 billion ($745 million), and it made a segment profit of ¥57.7 billion ($526 million) - up 31 per cent year-on-year.
"Mobile revenues in Korea increased significantly year-over-year, primarily driven by newly launched titles," said Nexon CEO Owen Mahoney in a statement. "Pixelberry Studios had their first full-quarter contribution as a part of Nexon and nearly doubled our year-over-year revenue in North America with the strong performance of Choices: Stories You Play."
Nexon acquired Pixelberry Studios in November last year, and the company's North American revenues leaped as a result: up 155 per cent to ¥5.4 billion ($49 million), though the segment still made a ¥1.5 billion ($14 million) loss.
According to Mahoney, DomiNations has now exceeded $150 million in lifetime revenue, three years after it first launched.
"Looking ahead, we have multiple titles launching in Korea such as EA SPORTS™ FIFA ONLINE 4, ten mobile titles in Japan including OVERHIT and GIGANT SHOCK in 2018, and Durango: Wild Lands, Darkness Rises and MapleStory M for international services," Mahoney said.
Nexon America laid off an unspecified number of staff in February this year.