Nexon Co. reported tepid revenue growth for the first half of 2025 while foreign exchange losses severely dented profitability, underscoring the challenges facing Japan’s gaming giants in volatile currency markets.
The Tokyo-based publisher of MapleStory and Dungeon & Fighter posted revenue of ¥232.8 billion ($1.55 billion) for the six months ended June 30, representing a marginal 0.8% increase from the prior year. Operating profit climbed 6.6% to ¥79.3 billion ($529 million), yet net income plummeted 43.2% to ¥43.0 billion ($287 million) as forex headwinds battered the bottom line.
The mixed results reflect uneven performance across Nexon’s portfolio of online games. While the company successfully revitalized aging franchises including PC versions of Dungeon & Fighter and MapleStory, mobile game revenues faltered. The Korean operation delivered the strongest performance with revenue of ¥212.1 billion ($1.41 billion), though this marked a slight decline of 0.1%.
Nexon’s PC version of Dungeon & Fighter surged 67% in the quarter driven by well-received content updates, achieving record quarterly sales. However, this growth was overshadowed by the anticipated comparison challenges from Dungeon & Fighter Mobile’s explosive launch in China during the same period last year.
The MapleStory franchise delivered 60% growth, bolstered by the successful regional expansion of MapleStory Worlds and strong engagement from Korean players. The company’s newest launch, Mabinogi Mobile, exceeded expectations following its March debut.
Looking ahead, Nexon projected third-quarter revenue between ¥349.4 billion and ¥360.0 billion ($2.33-$2.40 billion), representing a decline of up to 4.7% year-over-year. The company anticipates continued pressure from difficult comparisons while banking on upcoming releases including ARC Raiders, scheduled for October 30.
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