Nexon Elects New CEO, Announces Record Breaking Q3 Financials

Nexon today announced a new leadership succession plan as Junghun Lee is set to serve as the company's next Representative Director, President, and CEO. Lee is currently the CEO of Nexon Korea, the company's largest subsidiary. Owen Mahoney, the current Representative Director, President, and CEO, will step down after a decade following Nexon's Annual General Meeting of Shareholders in March 2024. Both Lee and Mahoney will continue in their current roles until that meeting. Mahoney is expected to stand for re-election to Nexon's board and serve as a senior advisor after the change.

Nexon also reported their third-quarter earnings today, in which they show record-breaking third-quarter revenue and operating income. Group revenue was ¥120.3 billion, up 23% year over year on an as-reported basis and up 17% year over year on a constant-currency basis, which exceeded their outlook. Operating income was up 47% year over year, which exceeded their outlook at ¥46.3 billion.

Nexon reports that Q3 performance was driven by the growth of MapleStory and FC Mobile in multiple countries, and also the contributions of mobile games and newly released games Wars of Prasia and Dave the Diver.

North America and Europe in particular saw a 78% increase year over year, driven mostly by MapleStory, but multiple mobile games as well as Dave the Diver were also mentioned.

Nexon is expecting Q4 to show growth as well, projecting in the range of ¥87.9 to ¥96.2 billion, representing an 8% to 19% increase year over year on an as-reported basis and a 2% to 12% increase on a constant-currency basis.