Webzen Reports Q1 Revenue of 42.7 Billion KRW and Operating Profit of 9.7 Billion KRW

Webzen announced its financial results for the first quarter of 2023.

On the 11th, Webzen revealed that it recorded operating revenue (sales) of 42.7 billion KRW and operating profit of 9.7 billion KRW in the first quarter. These figures represent a decline of 38.7% and 56.2%, respectively, compared to the same period last year. Net profit for the period was 12.6 billion KRW, down 32.2% year-over-year.

The decrease in first-quarter performance was influenced by delays in new game releases and labor costs. Webzen plans to focus on launching subculture genre games prepared for its publishing business in the second half of the year, while internally concentrating on investment in new game development.

In the second half of the year, Webzen will release 'Ragnadol,' developed by Grams. The game was first launched in Japan, where it topped the Apple App Store popularity rankings, proving its gameplay quality and commercial viability.

Games directly developed by Webzen through its subsidiaries are targeted for release next year.

Kim Tae-young, CEO of Webzen, stated, “We are expanding the range of game genres we develop and service, and focusing on new business expansion by broadening our partner network. We are planning customized services that consider gamers’ preferences by genre and preparing new release strategies to achieve a turnaround in performance.”