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Nexon’s Q3 2023 smashes records with 78% revenue rise in North America and Europe

This marks the sixth consecutive quarterly report with double-digit growth
Nexon’s Q3 2023 smashes records with 78% revenue rise in North America and Europe
Date Type Companies Involved Key Datapoint
Nov 14, 2023 report Nexon $793 million group revenue
  • Nexon's Q3 results show continued upward trend with 23% rise in group revenue
  • The Board of Directors has appointed Junghun Lee as the next president
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Tokyo-headquartered publisher Nexon has announced its financial results for the third quarter ending September 30 2023, with record-breaking revenues and more than a year of double-digit quarterly growth among its many successes.

The Korean growth of FC Mobile and MapleStory led this booming quarter along with new releases Wars of Prasia and Dave the Diver. In fact, FC Mobile and MapleStory alone delivered ¥75.9 billion ($500 million) in revenue from Korea, meaning a 21% yearly increase.

Blue Archive has continued to play an important role in many markets too.

A successful quarter

Nexon’s Q3 2023 marks its sixth consecutive quarter with double-digit year-on-year revenue growth, with group revenue up 23% YoY to ¥120.3 billion ($793 million) on an as-reported basis. Going by constant currency, group revenue still exceeded Nexon’s ambitions with 17% growth.

These revenue numbers broke the publisher’s Q3 records, as did a 47% YoY rise in operating income to ¥46.3 billion ($305 million).

Net income, meanwhile beat expectations and came out at ¥35.2 billion ($232 million) this quarter, although FX gain decreased 15% compared to Q3 2022.

The biggest markets for growth this quarter were North America and Europe, increasing revenues by a huge 78% YoY in large part because of MapleStory. Another part of Nexon’s overall success can be attributed to China, with the essential mobile market having stabilised significantly compared to recent years and Nexon’s Chinese revenues up 22% compared to Q3 2022, thanks partly to Blue Archive’s release in the region.

The game’s success in Japan supported a 12% revenue increase there, and with Blue Archive landing at the top of Japan’s iOS App Store sales ranking in October (part of Nexon’s Q4) there is reason to believe the upward trend will continue. The next Dynasty Warriors game is being published by Nexon in China too, all contributing to the company’s Q4 prediction of between ¥8.9 billion ($58.7 million) and ¥13.9 billion ($91.6 million) in total net income.

"Nexon is tracking to finish the year with seven consecutive quarters of double-digit revenue growth," said Nexon president and CEO Owen Mahoney.

"And following an incredibly popular and successful open-beta test, The Finals is ready to launch this year - the first in an exciting lineup of new titles in development that include ARC Raiders and The First Descendant, as well as Embark’s new creative platform."

Winds of change

Last week, Nexon announced that Mahoney will be stepping down from his role in March, and that the Board of Directors has unanimously nominated Junghun Lee to serve as the next representative director, president and CEO.

Having two decades of experience, Lee is already a veteran at Nexon and has served as its Korean branch’s CEO since 2018.

"I am honoured and excited to lead the company into its next generation," he said. "This leadership transition comes at a time when Nexon is both stable and positioned for dynamic growth. Our global franchises are delivering steady revenue which we have invested in a powerful pipeline of new games in development that have potential to become global hits."

In Q3, MapleStory's Chinese adaptation MapleStory M made more than $55 million in its first 35 days.