GungHo stems quarterly decline as Puzzle & Dragons income recovers for fifth anniversary

Number of downloads surpasses 45 million in Japan alone

GungHo stems quarterly decline as Puzzle & Dragons income recovers for fifth anniversary

GungHo has halted its quarterly decline and grown revenues 2.7% quarter-on-quarter to $229 million for the three months ending March 31st.

The developer also increased operating income from the previous quarter by 6% to just over $90 million.

Revenues are still down by roughly 19% year-on-year however, while operating income has fallen 28% for the same period in 2016.

In-game events boost

GungHo has previously put its gradual revenue slump down to the declining sales of its hit mobile game Puzzle & Dragons.

For Q1 2017 however, the publisher managed to stem that decline for the quarter and actually saw income for the game increase.

It attributed this rise to the implementation of various events commemorating its fifth anniversary since release. MAUs in March 2017 grew to their highest since August 2016, and with a higher payment rate amongst players.

MAUs and sales performance for Puzzle & Dragons each month since launch. Image credit: Gungho

As of March 2017, Puzzle & Dragons has now been downloaded more than 45 million times in Japan alone.

Another of its games, next-gen board game Summons Board, has now been downloaded more than five million times. Disney Magic Kingdoms meanwhile has been downloaded over two million times as of April 13th 2017.

Much like it has mentioned in previous financial reports, GungHo said it has 10 projects currently in development for mobile, console and VR, and aims to release titles with a global appeal. It also plans to continue stepping up its publishing operations for games developed by other companies.

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Craig Chapple is a freelance analyst, consultant and writer with specialist knowledge of the games industry. He has previously served as Senior Editor at, as well as holding roles at Sensor Tower, Nintendo and Develop.