Breaking News
FONT-SIZE Plus   Neg
Share SHARE

GRAVITY Slips To Loss In Q2

RELATED NEWS
Trade GRVY now with 

South Korean online games developer Gravity Co. Ltd. (GRVY: Quote) said Wednesday it slipped to a loss in its second quarter, hurt by lower revenues across most segments and pared gross margin.

Results were impacted by a nearly 14.0% drop in revenues, compared to last year. Revenues at key segment of Royalty and licensing fee slid 10.2%. Subscription revenues fell 26.4%, partly due to non-consolidation of results for Gravity EU SASU, a former unit in France. Mobile revenues declined 9.0% from last year.

Gravity also incurred higher expenses, due to amortization, cost of goods sold by NeoCyon resulting from its increase in sales of goods related to mobile phone, among other factors.

For the second quarter, the company reported a net loss of $1.0 million or $1.13 billion Korean wons, compared to net income of 1.7 billion wons last year.

On a per American depositary share or ADS basis, loss for the quarter was $0.04 or 41 wons, compared to a profit of 62 wons in the prior year.

Net revenues for the second quarter totaled $12.5 million or 14.0 billion wons, a decline from 14.6 billion wons a year ago.

Shares of GRAVITY Co closed Wednesday at $1.46 down 25 cents or 14.62%, on the Nasdaq. In after hours, the stock stock lost 3 cents or 2.08% at $1.43.

Register
To receive FREE breaking news email alerts for Gravity Co., Ltd. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Swiss drug maker Roche Holding said a late-stage trial of its breast cancer drug Kadcyla did not provide superior results compared with an existing therapy. FCA US, until recently known as Chrysler, said Friday it is recalling 257,000 Dodge Ram pickups. The auto maker says the rear axle pinion nut on certain model year 2005 Dodge Ram 1500 trucks may loosen due to an undersized spline on the pinion gear. If the pinion nut loosens, the rear axle may... This medical device company has a very impressive track record of growing business over the past decade. increasing sales from $490.2 million in 2004 to $1.72 billion this year. The Silicone Hydrogel daily disposable lens portfolio constitutes a major avenue for growth.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.