- GRAVITY Co, Ltd (NASDAQ:GRVY) reported a first-quarter FY22 revenue decline of 15.7% year-on-year to $73.1 million.
- Online game revenues rose 10.2% Y/Y to $ 17.7 million due to increased revenues from Ragnarok Online in Taiwan, the Philippines, Singapore, and Malaysia.
- Mobile game revenues declined 23.3% Y/Y to $52.2 million due to revenues from Ragnarok Origin in Korea, Ragnarok X: Next Generation in Taiwan, Hong Kong, and Macau, and Ragnarok M: Eternal Love.
- Operating profit declined 20.2% Y/Y to $18.4 million as costs decreased 21.4% Y/Y and operating expenses climbed 7.6% Y/Y.
- GRAVITY held $219.9 million in cash and equivalents.
- Ragnarok Online, which was initially launched in Korea on August 1, 2002, is going to celebrate its 20th anniversary in Korea in the 2H22. GRVY plans to launch Ragnarok X: Next Generation in Korea in 2H22.
- Price Action: GRVY shares traded higher by 19.5% at $55.58 on the last check Friday.
