In China, revenue exceeded our expectations, growing 45% year over year driven by Dungeon&Fighter’s successful package sales during the Lunar New Year update.

Promotional activity tied to MapleStory’s 20th Anniversary celebration and upcoming content updates are expected to drive further growth this year. Nexon’s live operations team has aggressively addressed player concerns. In February, active users decreased due to player perception of an imbalance in difficulty levels between game servers. Revenue from MapleStory in Korea was below our outlook. FIFA ONLINE 4 achieved record-quarterly revenue, maintaining its high base of active users from Q4 2022. Results in Korea were driven by FIFA ONLINE 4, FIFA MOBILE, and HIT2.

In Korea, Nexon achieved record-breaking quarterly revenue – up 36% year over year on an as-reported basis. Net income of ¥52.8 billion exceeded our outlook and increased 31% year over year due in part to a ¥5.6 billion FX gain, primarily on U.S. Operating income was up 46% year over year and exceeded our outlook at ¥56.3 billion due to lower-than-expected HR costs as a result of lower-than-planned new recruitment and marketing expenses on KartRider: Drift. Revenue was driven by solid performances of FIFA ONLINE 4 and FIFA MOBILE in Korea, Dungeon&Fighter in China, and Blue Archive globally.

In Q1, Nexon achieved record-breaking quarterly revenue of ¥124.1 billion, up 36% year over year on an as-reported basis and up 28% year over year on a constant-currency basis – within the range of our outlook.

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