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China and Korea on the up as Nexon posts $76 million in Q2 mobile sales

Mobile now accounts for 20% of total revenue

China and Korea on the up as Nexon posts $76 million in Q2 mobile sales
Korean free-to-play publisher Nexon (3659.TO) has announced its Q2 financials for the 3 months ending 30 June 2013.

Revenues were ¥36.6 billion (around $369 million), up 60 percent year-on-year.

Thanks to the company's acquisition $470 million purchase of Japanese developer gloops in October 2012, Nexon's mobile business continues to grow very quickly.

Mobile sales during the quarter were ¥7.3 billion ($74 million).

This is 20 percent of total sales.

This is up 40.5-times year-on-year (prior to the gloops deal), and compares to ¥7.5 billion in the previous quarter.

(Although a Korean company, Nexon is floated on the Tokyo stock exchange so lists its numbers in Yen).

Asia up, West down

Nexon's operating income during Q2 were ¥13.4 billion ($135 million), up 21 percent.

Net income was ¥11.4 billion ($115 million), up 54 percent.

In terms of Nexon's strongest markets, China and Korea experienced the strongest organic growth.

KartRider Rush Plus has now been downloaded more than 10 million times in China, while Fantasy Runners for Kakao had one million downloads in a week in Korea.

Sales in the US and Europe were down 5 and up 10 percent respectively (although both were down heavily if viewed on a constant currency basis compared to 12 months ago.)

"We are pleased with our solid second quarter results, which exceeded the high end of our outlook," said CEO Seungwoo Choi.

"The strong performance of new and existing titles in China and Korea drove significant growth and Korea returned to a year-over-year growth trajectory."

[source: Nexon IR (PDF)]
Contributing Editor

A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.

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