WeMade sees FY14 Q2 mobile revenues down 18% to $16.5 million

Wind Runner still in decline

WeMade sees FY14 Q2 mobile revenues down 18% to $16.5 million

Korean game publisher WeMade (KOSDAQ:112040) has announced its FY14 Q2 financials, for the three months ending 30 June 2014.

Revenue was $42 million (KRW 42.5 billion), up 7 percent quarter-on-quarter, but down 36 percent year-on-year.

Mobile games declined 18 percent quarter-on-quarter to $16.5 million (KRW 16.7 billion).

This was 39 percent of sales, compared to 51 percent in FY14 Q1.

The company made a loss of $1.7 million (KRW 1.7 billion), less than the KRW 11 billion loss posted for Q1.

It ended the quarter with cash and equivalents worth $125 million.

In the wake of Wind Runner

WeMade said the while games such as Ark Sphere and Shinmoo had performed well, in general, its mobile casual games had declined.

Partly this is because 12 months ago, WeMade had a massive success in Korea with Wind Runner for Kakao.

The decline in Korea mobile revenues wasn't balanced by the rise internationally

During the quarter, WeMade also noted that revenues declined from the version of Wind Runner released on the LINE mobile messaging service.

However, while WeMade's mobile revenues from Korea declined 25 percent quarter-on-quarter, international sales were up 16 percent, thanks to the contribution from RPG Altan Story.

The biggest impact to revenues during the quarter came from the launch of PC online game Icarus.

[source: WeMade]

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