GRVY - Videogame maker Gravity jumps 20% on heavy profit boost

Korean videogame maker Gravity (NASDAQ:GRVY) is 19.5% higher on Nasdaq Friday, hitting a three-month high, after its first-quarter earnings are getting a warm reception from investors. Revenues fell year-over-year by 15.7% to 88.6 billion won (about $73.1 million), a total down 8.3% sequentially. That was driven by a decline in mobile gaming that's not sparing the industry at large: Mobile game revenues fell 23.3% year-over-year to 63.2 billion won (about $52.2 million). Online game revenues, though, jumped nearly 41% from last quarter and 10.2% year-over-year to 21.4 billion won (about $17.7 million), on increased revenues from Ragnarok Online in Taiwan, the Philippines, Singapore and Malaysia. With a sequential drop in expenses (mainly due to lower advertising and R&D costs), net profit jumped nearly 13-fold to 16.4 billion won (about $13.6 million) from a prior-year 1.27 billion won. Liquidity increased from the end of 2021, meanwhile: Cash, equivalents and short-term instruments'

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Videogame maker Gravity jumps 20% on heavy profit boost