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Nexon's 2021 Q1 revenue grows 7% to $806 million

Generating $420 million profit
Nexon's 2021 Q1 revenue grows 7% to $806 million
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South Korean publisher Nexon has recorded revenue of ¥88.3 billion ($806 million) in Q1 2021, up seven per cent year-over-year.

This was confirmed via the company's financial results for the three months ended March 31st, 2021.

Regional revenue from China, North America, Europe and the Rest of the World was said to have "exceeded" expectations.

Net income (or profit) for the quarter came in at ¥46 billion ($420 million), which was attributed to the depreciation of both the Korean Won and Japanese yen against the US dollar.

MapleStory and its mobile version, MapleStory M, both saw increased revenue from Europe and North America, growing by 136 per cent and 78 per cent respectively year-over-year.

FIFA Mobile also helped revenue more than double in Japan, alongside other mobile releases Blue Archive, Torah and V4.

Fewer projects

"Nexon delivered another strong quarter with revenue growth and multiple regions performing close to or above the high end of our guidance,” said Nexon CEO and president Owen Mahoney.

"The past 18 months offer a clear affirmation of our strategy for focusing on fewer projects that deliver bigger results. This includes doubling down on online-multiplayer virtual worlds, expansion onto mobile and consoles, leveraging our IP with geographic market expansion and development of new virtual worlds."

Nexon's revenue for its Q2 is expected to land somewhere between $498 million to $544 million, representing a decrease of 16 per cent to eight per over the 2020 numbers.

Similarly, net income is predicted to range between $82 million to $112 million.

In March, Nexon disclosed that it has invested $874 million in Sega, Konami, Bandai Namco and Hasbro due to their IP strength. It was noted that other investments related to this initiative did not meet the disclosure threshold.