Nexon Has Its Best Q1 Ever Amid Growing Acquisition Rumors
Nexon, South Korean PC and mobile game publisher reported its best first quarter ever, with $850 million in revenue.
That is up 3% over the same quarter last year. This success comes as Nexon is under the acquisition microscope, with potential buyers including Electronic Arts, Amazon, Comcast, and even Disney. Nexon founder Kim Jung-ju's controlling stake would be worth about $9 billion. If he finds a buyer, he'll be getting a huge payday. The Korea Times also notes that Jung-ju is looking to sell as he feels that the future of the industry is uncertain with tougher regulations and competition coming in the future.
"Nexon continues to break industry records for longevity in game franchises," added Nexon president and CEO Owen Mahoney in a press release sent to GamesBeat." One franchise, KartRider has exceeded 380 million registered players, and after 15 years of availability in Korea, has generated an over 3x year-over-year revenue increase. Crazy Arcade BnB, released in Korea 18 years ago, was recently released globally on mobile and has surpassed 10 million downloads in less than a month."
The company is predicting revenues of $480 million to $520 million for the next quarter.
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Nexon America, a subsidiary of Nexon Co., Ltd.("Nexon")(3659.TO), is a global leader in online games, operating more than 80 live games in more than 190 countries. Nexon America, which launched its microtrading and free-to-play business model in 2005, is widely praised for its unparalleled global expertise in complex real-time game operations, building community of players, and maintaining games for years and decades. Nexon is listed on the Tokyo Stock Exchange and was listed on the Nikkei Stock Index 300 in 2017.