Wemade 1Q FY2024 Earnings Results

Key insights

7 takeaways

01
Consolidated revenue in 1Q'24 was KRW 161,299 million, up 38% QoQ and 72% YoY.See it on page 4
02
The Game segment posted KRW 152,213 million in 1Q'24 revenue, the largest segment figure in the document.See it on page 5
03
Night Crows Global recorded KRW 57B in revenue, equivalent to KRW 2.9B per day.See it on page 5
04
Overseas revenue rose 334% QoQ to KRW 80,004 million, while domestic revenue fell 17% QoQ.See it on page 6
05
Total operating expenses were KRW 198,924 million, up 7% QoQ, and the company links the increase partly to revenue-linked expenses for the new game.See it on page 7
06
Marketing expense fell 40% QoQ to KRW 15,116 million in 1Q'24.See it on page 7
07
Blockchain revenue increased 40% QoQ to KRW 5,931 million in 1Q'24.See it on page 5

Summary

Wemade Co., Ltd. released preliminary sales performance for 1Q FY2024 under K-IFRS, covering the consolidated group of its subsidiaries. The figures are a reference for investors before independent auditor review and are subject to change. Revenue was KRW 161,299 million in 1Q'24, up 38% QoQ from KRW 116,527 million in 4Q'23 and up 72% YoY from KRW 93,903 million in 1Q'23. The company attributes the revenue growth to the March 12 release of Night Crows Global. Operating expenses were KRW 198,924 million, up 7% QoQ, with service fees rising 9% QoQ and marketing expense falling 40% QoQ. Operating income was KRW -37,625 million, reported as a reduced deficit, and net income attributable to controlling interest was KRW -55,738 million. Game segment revenue was KRW 152,213 million, while blockchain revenue rose 40% QoQ to KRW 5,931 million. Overseas revenue reached KRW 80,004 million, up 334% QoQ, while domestic revenue fell 17% QoQ to KRW 81,295 million.

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