[Edaily Reporter An Yu-ri ] Nexon has successfully rebounded in the third quarter of this year, regaining its position as the top revenue-generating company in the domestic gaming industry. It has reclaimed the top spot it had ceded to KRAFTON(259960)in the first half of the year. However, with the gap in cumulative operating profit between the two companies for the first three quarters standing at just 11.3 billion won, the competition for the top spot in annual operating profit is expected to continue through the fourth quarter.

Nexon reported consolidated revenue of 1.2312 trillion won (138.4 billion yen) and operating profit of 371.8 billion won (41.8 billion yen) for the third quarter of this year. These figures represent year-over-year increases of 17% and 11%, respectively. Both revenue and operating profit exceeded the company’s guidance.

In contrast, KRAFTON posted revenue of 971.4 billion won and operating profit of 225 billion won for the same period. While revenue rose 11.6% year-over-year, operating profit fell 35.5%. Compared to Nexon, KRAFTON’s revenue was 259.8 billion won lower, and its operating profit was 146.8 billion won lower.

Consequently, their rankings also shifted in cumulative results for the first through third quarters. Nexon’s cumulative revenue totaled 3.792 trillion won, surpassing KRAFTON (3.633 trillion won) by 159 billion won. While KRAFTON had maintained a revenue lead of approximately 100 billion won through the first half of the year, Nexon reversed this trend with its third-quarter performance.

The gap in cumulative operating profit is even smaller. Nexon recorded 1.2088 trillion won, while KRAFTON recorded 1.1975 trillion won, resulting in a difference of just 11.3 billion won. The leader in annual operating profit is expected to be determined by the performance of new releases in the fourth quarter, revenue from flagship intellectual property (IP), and cost management.

Nexon Tightened Its Belt in the Third Quarter, While KRAFTON Increased Marketing Expenses

Nexon’s Q3 2026 revenue was driven by its existing core IPs. In particular, the “MapleStory” franchise’s Q3 revenue increased by 72% year-over-year, setting a record for its highest-ever quarterly performance. “FC Online” also achieved its highest-ever quarterly revenue, thanks to improvements in gameplay and growth systems.

Cost management also contributed to the increase in operating profit. While revenue from major games exceeded expectations, expenses such as personnel costs, cloud service fees, and advertising and promotion expenses were lower than the company had planned. This is interpreted as the result of intensive structural reforms under the “selective focus” strategy implemented since Patrick Söderlund took office as Nexon’s chairman.

During a conference call held in Japan on the 10th, CFO Shiro Uemura explained the reason behind the lower-than-planned third-quarter marketing expenses, stating, “When conducting marketing, we aim to execute it in the most efficient and effective manner possible.”

In contrast, KRAFTON showed a trend opposite to Nexon’s, with operating profit declining despite revenue growth in the third quarter of this year. While user metrics for its core IP, “PUBG: Battlegrounds,” remained robust, PC game revenue fell by approximately 33% year-over-year to 238.9 billion won.

KRAFTON saw an increase in operating expenses, including personnel costs, commission fees, and marketing expenses. Third-quarter operating expenses totaled 746.4 billion won, a 43.0% (224.4 billion won) increase year-over-year, resulting in a net loss for the period. The company explained that costs associated with participating in “Gamescom,” a global gaming exhibition held in Germany last August, were reflected in its third-quarter results.

NC Returns to Profit Year-Over-Year… Netmarble Corporation Stalls

Netmarble Corporation(251270)While Netmarble Corporation struggled, NCSoft, under its IP diversification strategy, emerged from a prolonged slump, with revenue and operating profit surging. Netmarble Corporation posted third-quarter revenue of 634.7 billion won and operating profit of 50.4 billion won. These figures represent year-over-year declines of 8.8% and 44.6%, respectively. Slowing sales of existing titles and delays in the release of some new games impacted the company’s performance.

NC (NCsoftCorporation(036570)) reported revenue of 686.5 billion won and operating profit of 119.635 billion won. Revenue increased by 90.7% year-over-year, and the company returned to profitability. “Lineage Classic” alone generated 158.7 billion won in revenue during the third quarter. Revenue from the mobile casual segment rose to 171.9 billion won compared to the previous quarter, accounting for 25% of total revenue.