Com2uS reports record quarterly revenue with sales up 17% Q-o-Q to $22.8M
Korean mobile game developer and publisher earlier this week reported record quarterly revenue of 24.9 billion KRW ($22.8 million) in Q1 2013, up 17 percent quarter-over-quarter and 121 percent year-over-year. Profit improved tremendously as well, where in the company saw 8.6 billion KRW ($7.9 million) in profit for the quarter, an increase of 184 percent quarter-over-quarter and 120 percent year-over-year.
Mobile revenues domestically (South Korea) were up 34 percent quarter-on-quarter and 274 percent year-over-year at 18.3 billion KRW ($16.8 million). Com2uS cited games on messaging app KakaoTalk’s game platform as a key driver to the revenue increase. Sales overseas were down 18 percent quarter-over-quarter but up 1 percent year-over-year at 5.4 billion KRW ($4.9 million). Com2uS explained that most new titles launch first on KakaoTalk then overseas, where the platform doesn’t exist. The company plans to expand to more markets around the globe in Q2 2013.
A standout title for the company, in terms of revenue, was its recently launched strategy RPG title Heroes War, which is seeing stable revenue growth.
In total, Com2uS launch six titles in Q1 and plans to release 16 titles in Q2 2013. Com2uS didn’t update its earnings forecast for 2013, meaning its sticking with its expected 101.7 billion KRW ($93.2 million) in revenue and 41.1 billion KRW ($22.1 million) in profit.