Wemade's net loss widens in Q1

Startups 10:34 May 08, 2024

SEOUL, May 8 (Yonhap) -- Game publisher Wemade Co. said Wednesday its net loss widened in the first quarter from a year earlier despite an increase in its overseas sales.

Wemade posted a net loss of 58.98 billion won (US$43.4 million) in the January-March period, compared with a loss of 28.5 billion won a year ago, the company said in a regulatory filing.

Its operating loss narrowed to 37.6 billion won from 46.8 billion won over the same period, while sales jumped 71.8 percent on-year to 161.3 billion won.

Wemade said its overseas sales soared 78 percent in the first quarter as its global version of the massively multiplayer online role-playing game "Night Crows" raised $10 million in revenue in just three days after its release on March 12.

The company also plans to release "Mir 4" and "Mir M," spinoffs of its blockbuster title "Legend of Mir," in China later this year.

"Mir 5," the latest Mir series Wemade is developing, will target the North American market, CEO Park Kwan-ho said, without disclosing the detailed timeline of the release.