Korean online and mobile publisher WeMade (KOSDAQ:112040) has announced its Q1 2014 financials, for the 3 months ending 31 March 2014.
Total revenue was $37.5 million, down 33 percent year-on-year.
Mobile revenues were $19.3 million, down 44 percent.
The company made operating loss of $10 million, mainly due to the decline in mobile sales.
Run like the wind again
In its core Korean market, WeMade said games such as Everytown and Altan Story (Heroes of Altan in the west) had performed solidly.
And new mobile MMORPG Ark Sphere launched well, generating around $5 million during quarter.
However, sales from its casual games - notably key title Wind Runner - declined.
The Korean market is highly dependent on the KakaoGame platform, which promotes casual games through the KakaoTalk mobile social network.
12 months ago, WeMade was very successful thanks to the popularity of Wind Runner game on Kakao, and more recently it's been successful in Japan on the LINE platform.
Revenues have since decline, although it will hope to repeat that success when it launches Wind Runner 2 in Q2.
WeMade also said it would be launching two games - Ark Sphere and Puzzle Cat - on its own Band Game mobile platform over the next three months.
More generally, it has seven titles due for release in Korea during Q2, while it will release a version of Altan Story in Japan, and a version of Ark Sphere in China.
"WeMade is one of the few companies to successfully transform its publishing focus from PC online games to mobile games," said EVP, Won Il Sue.
"One of the most important goals for WeMade this year is to expand our global business,"
The company ended the period with cash and equivalents worth $126 million.
[source: WeMade IR PDF]