Neowiz reports Q2 profit, but still falls short of expectations

Neowiz CI

Kosdaq-listed game developer Neowiz announced on Friday that it recorded an operating profit of 4.7 billion won ($3.41 million) in the second quarter of 2024, a turnaround from an operating loss of 4.9 billion won a year ago.

But the operating profit was 15.6 percent below the market forecast of 5.6 billion won, as compiled by Yonhap Infomax. The company’s revenue for the April to June 2024 period was 87 billion won, up 24 percent on-year. Despite the revenue growth, net income dropped significantly by 65.8 percent to 7.7 billion won.

Neowiz’s stock was trading at 19,780 won as of 10:15 a.m. on Friday, up 2.9 percent from the previous session.