April 26, 2024
Mobile & Internet
NCsoft posts weak Q1 earnings
[THE INVESTOR] NCsoft, Korea’s biggest online game publisher, on May 11 reported a weak performance for the first quarter, to increased costs.
Net profit came to 17.4 billion won (US$15.80 million) in the January-March period, down 73.7 percent from the previous year, the company said in a regulatory filing.
Operating income also shrank 59.8 percent on-year to 30.4 billion won and sales inched down 0.6 percent on-year to 239.5 billion won, it said.
The figures were far below the market consensus of 260 billion won in sales and 80 billion won in operating income, estimated by local brokerage firms.
The poor results in the first-quarter earnings were in part due to disappointing performance of the company’s game business coupled with a continued rise in labor costs, industry sources said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Net profit came to 17.4 billion won (US$15.80 million) in the January-March period, down 73.7 percent from the previous year, the company said in a regulatory filing.
Operating income also shrank 59.8 percent on-year to 30.4 billion won and sales inched down 0.6 percent on-year to 239.5 billion won, it said.
The figures were far below the market consensus of 260 billion won in sales and 80 billion won in operating income, estimated by local brokerage firms.
The poor results in the first-quarter earnings were in part due to disappointing performance of the company’s game business coupled with a continued rise in labor costs, industry sources said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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