Korean game developer Gravity Co., Ltd. (GRVY) Sunday reported a wider loss for the first quarter as revenues dropped 11.5 percent from the prior-year quarter.
Net loss attributable to the parent company shareholders widened to 1.63 billion South Korean Won, or $1.13 billion, from 10.83 billion won in the same period last year.
Revenues totaled 11.80 billion won, or $10.76 million, down from 13.33 billion won last year.
Royalty and licensing fee revenues amounted to 6.65 billion won, or $6.07 million, down 23.6 percent from 8.71 billion won last year.
Subscription revenues improved to 1.95 billion won, or $1.78 million, from 1.87 billion won last year.
Mobile game revenue plunged to 2.75 billion won from 2.04 billion won last year.
Character merchandising and other revenue totaled 441 million won, down 67.8 percent from 1.37 billion won last year.
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