Financial

2025년 2분기 실적발표

6 August 202510 pages766 words

Summary

This financial performance summary details the fiscal results for Kakao Games through the second quarter of 2025, focusing on the South Korean company’s revenue shifts, cost structures, and profitability trends. The primary thesis centers on a period of financial transition characterized by declining revenues due to a lack of new title releases and gaps in major updates, partially offset by strategic cost reductions and the global expansion of existing intellectual properties. Revenue for the second quarter of 2025 reached 115.8 billion KRW, representing a 24.2% year-over-year decrease and a 5.7% decline from the previous quarter. Mobile gaming revenue saw a slight quarterly recovery of 5.1% driven by the global performance of Odin, while PC gaming revenue fell sharply by 44.7% quarter-over-quarter due to the absence of major collaborations in Battlegrounds and the conclusion of seasonal effects for Path of Exile. Despite these challenges, operating losses narrowed to 8.6 billion KRW from the previous quarter's 12.4 billion KRW loss, aided by an increased revenue share from self-developed intellectual properties and a 18% year-over-year reduction in operating expenses. The scope of the data covers five consecutive quarters from Q2 2024 to Q2 2025, providing a comprehensive view of the company's consolidated balance sheets and income statements. Key cost-saving measures highlighted include labor efficiency improvements and reduced commission payments, which fell 31.9% year-over-year. However, the company continues to face net losses, reporting a deficit of 33.6 billion KRW in the most recent quarter, largely attributed to non-operating losses and financial expenses. The methodology relies on standardized consolidated financial reporting for the South Korean gaming market.

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Kakao Games reported a significant downturn in financial performance for the first quarter of 2025, driven primarily by a lack of new releases and the natural decline of long-term mobile titles. Total revenue fell to 122.9 billion KRW, representing a 31.1% decrease year-over-year and a 7.8% decline from the previous quarter. This revenue contraction led to an operating loss of 12.4 billion KRW and a net loss of 33.4 billion KRW, continuing a trend of deficit from the end of 2024. The mobile segment experienced the sharpest decline, with revenue dropping 41% year-over-year to 96.1 billion KRW. In contrast, the PC gaming segment provided a strategic offset, growing 72% year-over-year to reach 26.8 billion KRW. This growth was fueled by robust traffic and updates for Battlegrounds, alongside deferred revenue recognition from Path of Exile. Despite the overall revenue drop, operating expenses remained relatively high at 135.3 billion KRW. While commission fees decreased in line with lower mobile sales, marketing expenses rose 52.3% year-over-year due to pre-release promotional activities for upcoming global titles, and labor costs increased slightly following investments in global personnel. The financial position at the end of the quarter shows total assets of approximately 3.16 trillion KRW, with a notable decrease in cash and cash equivalents to 551.6 billion KRW. Although the company remains in a deficit, the net loss narrowed significantly compared to the fourth quarter of 2024, which had been impacted by one-time intangible asset impairment losses. Moving forward, the company appears focused on transitioning toward global market expansion and stabilizing its portfolio through its upcoming new release pipeline.

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2025년 2분기 실적발표

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