Nexon has published its financial results for its third quarter, reporting “extended robust performances” in its main franchises despite declines in revenue and operating income.
The numbers
For the three months ended September 30, 2025
- Revenue: ¥118.7 billion ($767 million, down 12% year-on-year)
- Operating income: ¥37.5 billion ($242.3 million, down 27% year-on-year)
- Net income: ¥38.2 billion ($247 million, up 41% year-on-year)
The highlights
Nexon reported its overall revenue was down 12% due to the 2024 launches of Dungeon & Fighter Mobile in China and The First Descendant.
While its operating income decreased by 27%, it aligned with Nexon’s expectations for the quarter.
Net income exceeded the firm’s outlook for the quarter at ¥38.2 billion ($247 million), which was driven by a ¥9.2 billion gain ($59.5 million) compared to a ¥19.6 billion ($126.7 million) loss during the same period last year.
Looking at its franchises, Embark Studios’ Arc Raiders has become Nexon’s “most successful global launch in its history”. Since October 30, the extraction shooter has sold more than four million copies.
It had more than 700,000 concurrent players on Steam during its second week, and ranked third on Steam’s top wishlists chart worldwide earlier this year.
“Backed by a pipeline of fresh content that extends through 2026, we believe Arc Raiders could become an enduring contributor to Nexon’s portfolio of blockbuster global franchises,” Nexon president and CEO Junghun Lee.
Embark’s free-to-play shooter The Finals also experienced growth following its season 8 update in September, driving 58% year-on-year revenue growth during the third quarter.
A Chinese adaptation of the game, developed in partnership with Tencent, will begin its open beta on November 18. Nexon believes this will contribute to its performance during the next quarter.
As for Dungeon & Fighter, total franchise revenue declined 45% year-on-year due to the mobile release in 2024.
However, Nexon noted that the mobile edition delivered quarter-over-quarter growth from multiple updates.
The PC version achieved 72% year-on-year growth during Q3, “driven by positive player reception to a series of content updates.” It also exceeded expectations in China with “double-digit year-over-year growth.”
Revenue for MapleStory grew by 61% year-on-year, with Nexon expecting the franchise to grow 40% year-on-year during Q4 “driven by continued recovery in Korea” and the November 6 launch of MapleStory: Idle RPG.
Yesterday, Nexon CEO Lee said it’s “important to assume every game company is now using AI” following ongoing criticism of its use in Arc Raiders.
“If everyone is working with the same or similar technologies, the real question becomes: how do you survive? I believe it’s important to choose a strategy that increases your competitiveness,” he added.
Lee’s comments follow conversations regarding the use of AI voice generation in Arc Raiders, which was criticised in Eurogamer’s 2 out of 5 review of the game.
