Ragnarok game developer Gravity's Q3 revenue jumps 41.9% on mobile strength
GRVY•Gravity's Q3 revenue rose 41.9% year over year to KRW 197.15 billion, while net profit attributable to its parent company increased 7.7% to KRW 21.41 billion. Mobile game revenue surged 54.6%, offsetting a decline in online game revenue.
1. Mobile revenue growth
Gravity said revenue rose 41.9% year over year to KRW 197.15 billion in the third quarter. Net profit attributable to the parent company increased 7.7% year over year to KRW 21.41 billion, but fell 12.1% sequentially.
2. Game revenue drivers
Mobile game revenue surged 54.6% year over year, with initial revenue from Ragnarok: The New World in Southeast Asia except Vietnam, Ragnarok M: Classic in Korea, and Ragnarok Origin Classic in the Americas. Online game revenue fell due to lower revenue from Ragnarok Online in Thailand, Latin America, and Taiwan, Hong Kong and Macau. Cost of revenue rose due to initial commissions for mobile game services related to the launches.
