NEXON Co., Ltd. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Overview: NEXON's Q3 2021 performance surpassed expectations, with renewed momentum across major franchises and operational improvements setting a strong foundation into 2022.
  • Revenues: JPY 75.9 billion (↓4% YoY as-reported, ↓11% YoY constant currency), exceeding forecasts. PC revenues ↑24% YoY; Mobile revenues ↓44% YoY due to tough comps against record Q3 2020.
  • Operating Income: JPY 29.8 billion (↑8% YoY), exceeding expectations due to strong performances in core titles.
  • Net Income: JPY 37.9 billion (↑132% YoY) driven by strong operations and FX/BTC revaluation gains (JPY 16.1b FX gain, JPY 1.7b Bitcoin revaluation gain).

Franchise & Operational Highlights

  • Dungeon&Fighter (China): Leadership change and content updates revived player sentiment. Q3 revenue ↑45% YoY (as-reported), ↑33% (constant currency). Recovery expected to continue into 2022.
  • MapleStory (Korea): Revenue decreased YoY due to tough comp (growth of 98% in 2020), but exceeded outlook. NPS improved; user trust rebuilding ongoing.
  • FIFA Online 4: Continued growth YoY through successful promotions/events.
  • Sudden Attack (Korea): Revenue tripled YoY, marking 7 consecutive quarters of growth.

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Operator: Good day, everyone, and welcome to NEXON's 2021 Third Quarter Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Takanori Kawai, Team Leader of Investor Relations. Please go ahead, sir. Takanori Kawai: Hello, everyone, and welcome to NEXON's earnings conference call. Thank you for joining us today. With me are Owen Mahoney, President and CEO of NEXON; and Shiro Uemura, CFO. Today's call will contain forward-looking statements, including statements about our results of operations and financial condition such as revenues attributable to our key titles, growth prospects including with respect to the online games industry, our ability to compete effectively, adapt to new technologies and address new technical challenges, our use of intellectual property and other statements that are not historical facts. These statements represent our predictions, projections and expectations about future events, which we believe are reasonable or based on reasonable assumptions. However, numerous risks and uncertainties could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Information on some of these risks and uncertainties can be found in our earnings related IR documents. We assume no obligation to update or alter any forward-looking statements. Please note, net income refers to net income attributable to owners of the parent as stated in NEXON's consolidated finan

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