Bank of Innovation (BOI) reported a sharp decline in profits for the third quarter of the fiscal year ending September 2024. The company cited lower-than-expected user acquisition for its popular game, “Memento Mori,” during the Golden Week holiday as a key factor in its disappointing financial performance. Despite the release of an APK version on May 21, sales and profits fell significantly compared to the previous year when the game was first launched.
For the period from October to June, BOI reported sales of 10.78 billion yen (approximately $73.2 million), a decrease of 39.8% year-on-year. Operating profit dropped by 72.1% to 1.33 billion yen ($9 million), while ordinary profit declined by 71.7% to 1.36 billion yen ($9.3 million). Net profit fell by 74.1% to 851 million yen ($5.8 million).
The company has opted not to disclose its financial forecast for the fiscal year ending September 2024. BOI stated that its policy of making flexible investment decisions makes it challenging to provide a fair and reasonable earnings forecast at this time. As BOI navigates this challenging period, the company is likely to reassess its strategies to boost user acquisition and overall financial performance.
