Gravity Q2 Revenue Drops 5% as Ragnarok Mobile Sales Slump
GRVY sits 18% above its 52-week low of $54.54.
Summary
Gravity's Q2 revenue fell 5% year-over-year to KRW 161.88 billion, driven by declining mobile game sales across key Asian markets. Ragnarok: The New World, Ragnarok: Twilight, and Ragnarok M: Classic all saw decreased revenue in Taiwan, Hong Kong, Macau, and Southeast Asia, partially offset by new launches. Online game revenue grew, supported by Ragnarok Online in Thailand and Latin America, but not enough to offset the mobile weakness. Operating profit came in at KRW 27.58 billion with net income of KRW 24.34 billion. No forward guidance was provided, leaving the outlook uncertain as the company navigates a maturing mobile portfolio.
At the time of this announcement, GRVY was trading at $64.52 on NASDAQ in the Technology sector, with a market capitalization of approximately $424.8M. The 52-week trading range was $54.54 to $74.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.