Nexon, developer of everything and publisher of everything else, has finally announced their second quarter results for the 2016 fiscal year, referencing their performance as “strong” despite lower than expected revenue.
Second quarter revenues reached 38 billion yen, down 11% over last year with net income amounting to 7.6 billion yen over the same period. Nexon blamed the majority of the loss on foreign exchange losses from money deposited overseas. Despite these losses, Nexon grew slightly in revenue over the first half of 2016 compared to the first half of 2015, however income has taken a huge hit due to impairment loss taken in the first quarter.
For the unaware, impairment loss refers to a product whose future earnings are lower than the cost of acquisition. In this case, Nexon purchased mobile developer Gloop a few years back and the developer isn’t making money.
“Our solid second quarter results reflect strong execution and good performance from our China business,” said Owen Mahoney, President and Chief Executive Officer of Nexon. “I am also pleased with the important strategic progress we made during the quarter, including our partnership with renowned Japanese developer Sansho Studios and our acquisition of wellgames, the Korean developer of SPECIAL SOLDIER, a high-quality first person shooter for mobile devices. Our best-in-class roster of partnerships remains a cornerstone of our strategy to deliver high-quality, tailored content to players around the world.”
Nexon has a number of games in its publishing pipeline for this year and next, including Riders of Icarus, Lawbreakers, Titanfall, Final Fantasy XI Mobile, Lego Mobile, and more.
(Source: Nexon)
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