Krafton, NCSoft and Pearl Abyss Post Sharp Profit Gains With Different Growth Strategies

Дата публикации: 14-08-2026 18:21:26

Krafton, NCSoft and Pearl Abyss sharply improved their second-quarter results through different growth strategies. Krafton expanded its long-running intellectual property (IP), “PUBG,” while building a second hit franchise with “Subnautica.” NCSoft expanded its mobile casual-game business through th

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Krafton, NCSoft and Pearl Abyss sharply improved their second-quarter results through different growth strategies. Krafton expanded its long-running intellectual property (IP), “PUBG,” while building a second hit franchise with “Subnautica.” NCSoft expanded its mobile casual-game business through the success of “Lineage Classic” and mergers and acquisitions (M&A). Pearl Abyss lifted its earnings scale through the global success of “Crimson Desert,” a game developed over several years. The three companies, however, also face the challenge of turning their latest results into sustainable long-term growth.

◇Krafton, Expanding Existing IP and Building a Second Franchise

​Krafton, which posted the strongest results among major Korean game companies, reported second-quarter revenue of 1.2902 trillion won and operating profit of 410.9 billion won. The figures rose 94% and 67%, respectively, from a year earlier, marking record quarterly results for a second quarter. First-half revenue and operating profit also reached records of 2.6616 trillion won and 972.5 billion won, respectively.

​PUBG remains at the center of Krafton’s results. Revenue from the PUBG IP franchise rose 25% in the first half from a year earlier. On PC, new modes including Xenopoint and PAYDAY in “PUBG: Battlegrounds,” a collaboration with “Stellar Blade” and the Black Market drove user and revenue growth. On mobile, the new X-Suit “Phenixtra” generated record daily revenue.

​Krafton is expanding PUBG from a single game into a content platform. It plans to upgrade the creative tools in World of Wonder (WOW) on mobile and introduce user-generated content (UGC) based on global IP, in-map purchases and WOW Tokens to reward creators. The company aims to create a structure in which growth in the creator base leads to increases in both content and gameplay.

​The company has also secured a candidate for a second franchise. “Subnautica 2” sold 5 million copies within 22 days of its early-access launch, while revenue from the Subnautica IP, including previous titles, reached 232.5 billion won in the first half.

◇NCSoft, Reviving Established Core IP and Diversifying Through M&A

​NCSoft was lifted by its existing IP and new businesses. Second-quarter revenue was 770.5 billion won and operating profit was 173.9 billion won, up 101% and 1,053%, respectively, from a year earlier.

​“Lineage Classic” drove NCSoft’s second-quarter results. Revenue from the PC game business reached a record 343.8 billion won for the second consecutive quarter, with “Lineage Classic” accounting for 185.5 billion won, or 54%. Since its service launch on Feb. 11, “Lineage Classic” generated cumulative revenue of 269.1 billion won over 140 days. Revenue from PC “Lineage” grew about ninefold from a year earlier.

​The new mobile casual-game business also reached a meaningful scale for the first time. Revenue from the consolidated inclusion of mobile gaming platform JustPlay and growth at its studios reached 169.7 billion won, accounting for 22% of total revenue. NCSoft is combining its data and optimization platform with JustPlay’s traffic and development studios to make mobile casual games one of its three main growth pillars.

◇Pearl Abyss, Global Success of Seven-Year Project

​The impact of a new game was directly reflected in Pearl Abyss’ results. Second-quarter revenue was 192.6 billion won and operating profit was 67.6 billion won, up 247% and 7,411%, respectively, from a year earlier. “Crimson Desert” generated revenue of 136.1 billion won, far exceeding the 55 billion won generated by its existing title “Black Desert.”

​Pearl Abyss is focusing on extending the sales life of “Crimson Desert.” It plans to continue updates and strengthen the story based on user feedback, with downloadable content (DLC) targeted for release within this year and a Nintendo Switch 2 version planned for the first half of 2027.

​By contrast, Nexon’s profitability declined despite revenue growth. Second-quarter revenue was 1.139 trillion won, up 2% from a year earlier, while operating profit fell 17% to 294.3 billion won.

​The “MapleStory” franchise and “ARC Raiders” grew, but weakness in “Dungeon & Fighter” and “FC,” along with variable costs from portfolio expansion and upfront investments including marketing for new games, weighed on earnings.

​Netmarble and Com2uS also showed different trends in the second quarter. Netmarble’s revenue rose 4.4% from a year earlier to 749.2 billion won, while operating profit fell 20% to 80.1 billion won. Com2uS reported revenue of 157 billion won and operating profit of 7.2 billion won, supported by steady performance from “Summoners War” and its baseball games. “Com2uS Professional Baseball V26” posted record quarterly revenue and daily active users (DAU), reinforcing Com2uS’ position as a leading baseball-game developer.

​Weaknesses Also Clear: Krafton’s Concentration, NCSoft’s Acquisition Effect and Pearl Abyss’ Sustainability

​The three companies that performed strongly in the second quarter also revealed clear challenges. Krafton has a potential new franchise IP in “Subnautica 2” after its strong initial performance, but it needs to strengthen the franchise and reduce its dependence on PUBG as the core of its earnings.

​NCSoft needs to further demonstrate synergies between organic growth and acquired businesses, as a significant portion of the growth in its mobile casual business came from the acquisition and consolidation of JustPlay. Declining revenue from existing mobile Lineage titles is another issue the company must address.

​Pearl Abyss needs to overcome the limitations of packaged games. The impact of “Crimson Desert” continued into the second quarter, but compared with the first quarter, when sales were concentrated immediately after launch, revenue and operating profit fell 41% and 68%, respectively. The slowdown in the initial sales effect of a packaged game has become visible. The timing of “DokeV,” another candidate for the company’s next major title, also remains uncertain, leaving the length of a potential earnings gap unclear.

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