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Nexon hits "record revenue" in 2022 but net income down 11%

The company had a net loss of $60 million during Q4 2022

Image credit: Nexon's KartRider: Drift

Nexon has released its financial results for the fiscal year ended December 31, 2022.

The numbers

Full year:

  • Revenue: ¥353 billion ($2.69 billion), up 28.9% year-on-year
  • Net income: ¥99.9 billion ($763 million), down 11.6% year-on-year

Q4 2022:

  • Revenue: ¥81 billion ($618 million), up 49% year-on-year
  • Net income: Loss of ¥7.93 billion ($60 million), versus net income of ¥21.9 billion ($167 million) in Q4 2021

The highlights

Nexon had a tough Q4 2022, with net loss attributed to a "¥25 billion FX loss primarily on US dollar-denominated cash deposits," the company said. But its revenue was up quite significantly, thanks to the good performances of Dungeons & Fighter and FIFA Online 4 in China, it said.

"Revenues from our mobile business in Korea were lower than planned," the company added.

The full year was also mixed, with Nexon noting that "the global situation remained uncertain." While the company said it achieved "record-breaking full-year revenue driven by the growth of existing titles," especially live games, it recorded losses in several areas.

"Loss on revaluation of investments in crypto-assets made through an exchange due to a change in the market environment, and share of loss of investments accounted for using equity method recorded in accordance with the business performances of equity method affiliates, increased year-over-year," the company said.

Going forward, Nexon said it will focus on MMOs, cross-platform titles, leveraging its IPs, and investing in new IP.

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Marie Dealessandri avatar
Marie Dealessandri: Marie joined in 2019 to head its Academy section. A journalist since 2012, she started in games in 2016. She can be found (rarely) tweeting @mariedeal, usually on a loop about Baldur’s Gate and the Dead Cells soundtrack. GI resident Moomins expert.
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