Nexon Record Breaking Q1 Revenue On The Backs of FIFA Online 4 & FIFA Mobile, MapleStory And KartRider: Drift Below Expectations

Nexon has released its first-quarter earnings report for 2023 today, and they are saying it was a record-breaking quarter for them.

In Q1 Nexon achieved record-breaking quarter revenue of ¥124.1 billion, up a whopping 36% year over year. This revenue was driven by FIFA Online 4 and FIFA Mobile in Korea, Dungeon & Fighter in China, and Blue Archive globally.

Net income was up 31% at ¥52.8 billion year over year due in part to a ¥5.6 billion FX gain, primarily on U.S. dollar-denominated cash deposits.

While FIFA Online 4, FIFA Mobile, and HIT2 were up in Korea, MapleStory was below their quarterly outlook due in part, they say, to the player perception of an imbalance in difficulty levels between game servers.

Revenue in North America and Europe was up 10% YoY driven by MapleStory and Blue Archive.

KartRider: Drift has fallen below expectations globally, and Nexon says they are working on improvements based on player feedback.

Veiled Experts is heading towards Early Access on May 19th following a completed beta test in which Nexon says the game showed good retention.

Nexon expects growth in Q2 as well, projecting revenue in the range of ¥88.4 to ¥96.7 billion, representing a 5% to 15% increase year over year on an as-reported basis and a 7% to 17% increase on a constant-currency basis.