Gamevil earns $27.4M in smartphone revenue for all of 2011

Korean mobile gaming developer Gamevil said it earned $27.4 million in smartphone revenue for all of last year, nearly three-quarters of its total take.

Overall, the company brought in 42.6 billion Korean won ($37.5 million), up 39 percent from the year before. Net income was 16.1 billion Korean won ($14.2 million). For the fourth quarter, the company saw net income of 5.8 billion Korean won ($5.1 million) on 16.5 billion Korean won ($14.5 million), up 65 percent from the year earlier.

Gamevil said its growth came from diversifying both onto smartphones and outside of its home market of South Korea. The company said international sales more than doubled from the previous year. Gamevil also had a number of hits from Air Penguin, which was developed by an independent studio, to its core franchises of Zenonia and Baseball Superstars.

The company said it expects to see a 58 percent jump in sales for this year with 65 billion Korean won ($57.3 million) through the release of 40 titles this year.

Gamevil’s shares are up 5.1 percent today to 72,700 Korean won ($64.07), giving the company a market capitalization of $355 million. The company’s stock has had a strong run over all of last year with a one-year return of 188%.

Publish date: February 16, 2012 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT