Wemade Play posts 2.1 billion won in Q3 operating profit; new game set for launch in Q1 next year

[Financial News] Wemade Play’s revenue and operating profit both declined in the third quarter of this year due to lower domestic sales and foreign exchange rate effects. The company plans to expand its revenue sources by enhancing its services using artificial intelligence (AI), releasing new games globally and growing its publishing business.
According to industry sources on the 11th, Wemade Play posted consolidated revenue of 30.3 billion won, operating profit of 2.1 billion won and a net loss of 2.4 billion won in the third quarter of this year. Revenue fell 3% and operating profit dropped 39% year on year, while net income turned to a loss.
Results declined as domestic sales fell and exchange rate fluctuations affected overseas revenue.
However, on a year-to-date basis through the third quarter of this year, revenue reached 94.9 billion won and operating profit 8 billion won, up 2% and 6%, respectively, from the same period a year earlier. Cumulative net income was 7.3 billion won.
Its subsidiary Playlinks was also affected by the fall in exchange rates, given its business structure, in which overseas sales account for a large share of revenue. In the third quarter, revenue was 20.1 billion won and operating profit was 1.9 billion won, down 7% and 4%, respectively, from the previous quarter. It posted a net loss of 200 million won.
Following strong North American test results for Project R, which is developing a new match-three puzzle game, Wemade Play plans to soft-launch the game as early as the first quarter of next year and to officially launch its published games globally within this year.
Wemade Play CEO Woo Sang-jun said, “Together with our team, we are enhancing our services, including by expanding our in-house AI infrastructure for game development and advertising.” He added, “We will gradually broaden our revenue base through new businesses, including publishing and partnerships with leading platforms at home and abroad, as well as by developing new games for global markets.”

[email protected] Jang Min-kwon Reporter