Nexon’s global market-focused restructuring strategy, led by Chairman Patrick Soderlund, has shown a strong start as the company reported its highest quarterly earnings to date. On May 14, Nexon announced that it achieved revenues of 1.42 trillion won, operating profit of 542.6 billion won, and net profit of 533.8 billion won for the first quarter of 2026. This represents a 34% increase in revenue, a 40% rise in operating profit, and a 118% jump in net profit compared to the same period last year.
The improvement in performance is attributed to the strengthened competitiveness of key intellectual properties (IPs) such as 'MapleStory' and 'Dungeon Fighter,' along with strategies to expand into North America, Europe, and Southeast Asia.
Soderlund, who took over as chairman of Nexon Japan in February, outlined a focus on high-potential projects during the '2026 Capital Market Briefing' in March. Previously, he served as the executive vice president at Electronic Arts, where he led the development of global hits like 'Battlefield' and 'Mirror's Edge.' He is seen as the right person to enhance Nexon's competitiveness in North America and Europe. Notably, 'Arc Raiders,' developed by Embark Studios, which Soderlund co-founded, contributed to revenue growth in those regions during the first quarter.
Success in Diversifying Key IPs and Expanding Global Revenue
Soderlund's emphasis on strengthening key IPs and expanding into global markets has resulted in significant achievements for the 'MapleStory' IP and new titles in the first quarter.
Nexon confirmed the potential for platform diversification of its franchise IP through the release of a sequel to 'MapleStory' in the first quarter. The idle RPG 'MapleStory Growing' has performed exceptionally well since its launch in November, topping revenue charts on major app markets. In the first quarter, it also attracted new users from North America, Europe, and Southeast Asia.
The user-generated content platform 'MapleStory World' saw a 79% increase in revenue year-over-year in Taiwan, driven by the Lunar New Year update. The original PC version of 'MapleStory' is undergoing a hyper-localization strategy to enhance its influence in Western markets, with overseas revenue increasing by 8% year-over-year due to winter updates.
Nexon plans to apply the diversification strategy used for 'MapleStory' to 'Dungeon Fighter.' The mobile idle game 'Dungeon Fighter Growing' is set to launch later this year, alongside ongoing development of 'Dungeon Fighter Classic,' 'Dungeon Fighter: Arad,' and 'Project Overkill.'
The expansion into global markets has also driven record quarterly earnings. 'MapleStory' and the new PC title 'Arc Raiders,' released last October, signal a shift in Nexon's revenue structure, which had been heavily reliant on East Asia. The proportion of overseas revenue increased from 52% in the first quarter of last year to 62% in the first quarter of this year. Revenue from North America and Europe surged by 310%, while Southeast Asia saw an increase of 111%.
'Arc Raiders' sold an additional 4.6 million units in the first quarter, bringing its global cumulative sales to 16 million within six months of release. Thanks to its success in Western markets, Nexon's quarterly PC and console revenue surpassed 1 trillion won for the first time.
Growing Expectations for Annual Revenue of 5 Trillion Won
As a result, expectations are rising for Nexon to become the first domestic gaming company to achieve annual revenue of 5 trillion won.
In 2024, Nexon became the first domestic game company to surpass 4 trillion won in annual revenue. Last year, all quarterly revenues exceeded 1 trillion won, resulting in a record annual revenue of 4.5072 trillion won.
In 2024, former Nexon CEO Lee Jung-hun set a goal to reach 7 trillion won in annual revenue by 2027. However, Soderlund announced in March during the CMB 2026 that the timeline for achieving the previous revenue target has been postponed. He has yet to disclose a new annual revenue target.
Despite the delay in the previous target, the first quarter revenue of 1.42 trillion won increases the likelihood of Nexon surpassing 5 trillion won in annual revenue for the first time among domestic game companies.
This year, Nexon plans to expand investments focused on core franchises and projects with high global appeal under a strategy of selection and concentration.
Nexon has signed a long-term publishing agreement for the 'FC' franchise with EA in South Korea and extended its publishing contract for 'Dungeon Fighter' in China with Tencent for another 10 years.
The company is also pursuing new partnerships and expanding its next-generation IP lineup. In March, Nexon announced a publishing agreement with Blizzard Entertainment for the Korean service of the PC version of 'Overwatch' within the year.
The extraction survival game 'Paradise: Last Paradise' is currently in development with a target release next year. Additionally, Nexon plans to expand its IP portfolio for global market penetration through self-developed titles such as 'Vindictus: Defying Fate,' 'Durango World,' and 'Uchi the Wayfarer.'
Following the refund and stringent personnel measures taken after the probability error incident in 'MapleStory Growing,' there are positive assessments that these actions could help restore user trust.
'MapleStory Growing' reached the top of the revenue charts shortly after its launch in November but faced a probability error incident that led to refund procedures in February.
Refunds were processed for all in-game items purchased from the launch date of November 6 last year to January 28 this year, targeting users who requested them. Industry estimates suggest the expected refund cost is around 130 billion won. The refund amount for in-game items in 'MapleStory Growing' was reflected in the fourth quarter of last year and the first quarter of this year.
Lee Jung-hun, CEO of Nexon Japan, stated, "We will secure mid- to long-term growth drivers through strategic partnerships and a new lineup of titles, and we will enhance profitability and global competitiveness through the innovative initiatives strategy presented at CMB 2026."
* This article has been translated by AI.
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