Nexon shares hit record high after strong start for Nintendo karting rival

Nexon

Shares in game maker Nexon Co Ltd hit a record high on Tuesday following the strong start for a mobile version of its hit karting franchise.

KEY POINTS

  • Nexon Co Ltd’s share price hit a record high following the strong performance for its new mobile game
  • Its game, KartRider Rush+ was downloaded more than 10 million times in the two weeks since launch and has met with positive reviews
  • The gains come as Nexon last month reported an 80% jump in first-quarter revenue in South Korea

Fast-paced racer KartRider Rush+ was downloaded more than 10 million times in its first two weeks and met with positive reviews, which drew contrast with the early lack of a multi-player option that hobbled Nintendo Co Ltd’s Mario Kart Tour.

Shares in Tokyo-listed Nexon, founded by South Korea billionaire Jungju Kim who retains the largest stake, were up 1.6% at the midday break on Tuesday, extending this year’s rise to 63%.

The gains come as Nexon last month reported an 80% jump in first-quarter revenue in Korea with titles like long-running online role-playing game MapleStory benefiting from consumers staying home due to the coronavirus outbreak.

Related Article:
Chinese tech firms 'self-correct' to get ahead of potential regulatory fury

While the virus is boosting gaming demand, for Nexon that result was offset by a fall in revenue in its other largest market China, which it attributed to the shutdown of PC cafes.

The release of a mobile version of its hit title Dungeon&Fighter being made with China’s top gaming company Tencent Holdings Ltd has been pushed back to the summer.

Nexon, a pioneer of the in-game purchases that have become a major earner for cross-platform hits like Fortnite from Epic Games, has more than 380 million registered users for KartRider on the PC.

The team at Platform Executive hope you have enjoyed the ‘Nexon shares hit record high after strong start for Nintendo karting rival‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Sam Nussey. Editing by Christopher Cushing.

Share this Article