NEOWIZ’s Q3 operating profit falls 64%... Success of its next title is key

[Financial News] NEOWIZ posted weak results, with both revenue and operating profit declining in the third quarter of this year. The performance of its next new release is expected to be key to a full recovery in profitability.
According to industry sources on the 11th, NEOWIZ reported consolidated revenue of 110.5 billion won and operating profit of 9.6 billion won for the third quarter of this year. These were down 13% and 64%, respectively, from the same period a year earlier. It posted a net loss of 10.3 billion won, reflecting valuation and translation losses on foreign-currency assets amid the stronger won.
Revenue from the PC and console game segment was 39.2 billion won, down 33% from the same period a year earlier.
Mobile game revenue totaled 56.6 billion won, down 3%. Other revenue was 14.7 billion won, up 44% from the same period a year earlier.
NEOWIZ plans to maintain its revenue base by expanding the platforms for existing games and operating them over the long term, while focusing on developing new titles. It is working on in-house projects, including the next installment of Lies of P, and is also developing a PC and console game based on the intellectual property (IP) of Nihon Falcom’s The Legend of Heroes III: White Witch. It is also pursuing global publishing activities, including new titles from U.S. studio WolfEye Studios.
A NEOWIZ representative said, "Starting next year, we will unveil major new titles in stages and continue to identify new growth drivers."
[email protected] Jang Min-kwon Reporter