games
KRAFTON Posts Quarterly Net Loss Despite Double-Digit Revenue Growth
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KRAFTON reported third-quarter revenue of KRW 971.4 billion on November 10, 2026, up 11.6% from a year earlier, but operating profit fell 35.5% to KRW 225.0 billion. The publisher also swung to a KRW 68.4 billion net loss, with foreign-exchange-related non-operating losses compounding the pressure from lower PC revenue and higher expenses.
Mobile and ADK Offset Weaker PC Revenue
Mobile revenue rose 3.2% year over year, and ADK Group contributed KRW 198.4 billion in advertising and content revenue within the other revenue category. Those gains compensated for a 32.5% decline in PC revenue to KRW 238.9 billion.
KRAFTON said cumulative PUBG franchise revenue through the third quarter rose 11% year over year, PUBG: BATTLEGROUNDS maintained double-digit monthly-active-user growth on PC and console, and Naruto and Ferrari collaborations drove mobile revenue during the summer. The company is also broadening the franchise’s gameplay: after enabling players to create PC content in December 2025, it launched PUBG: Playgrounds in August 2026 and introduced monetization for community creations in mobile’s World of Wonder.
Costs and Currency Losses Compress Earnings
KRAFTON attributed a 43.0% year-over-year rise in operating expenses to ADK’s consolidation and identified gamescom participation and other activity costs as factors in the weaker operating result. Marketing costs increased and paid commissions more than doubled, while lower PC revenue added further pressure. The quarter’s revenue growth therefore came alongside a substantially higher cost base.
KRAFTON recorded a KRW 305.8 billion non-operating loss and attributed the bottom-line deficit to foreign-exchange-related losses. The deterioration below the operating line explains how the company could still generate an operating profit while posting a quarterly net loss.
Game Plans and Shareholder Returns
On the development slate, KRAFTON said Subnautica 2 had sold more than 5 million copies worldwide and appeared on 4.45 million wishlists. A major Early Access 2.0 update is scheduled for the end of 2026 as the company prepares for the game’s full launch.
PUBG: DED.NET is planned for PC and consoles in 2027, pairing PUBG-style shooting with roguelite progression for a Western console audience. A closed beta took place in October 2026, and KRAFTON said tester responses would inform further refinement.
BGMI Air, a lightweight mobile version intended for emerging markets, is scheduled to launch on December 10, 2026.
Separately, KRAFTON’s board decided on November 3, 2026 to purchase and fully cancel another KRW 300 billion of treasury shares. Through the third quarter, the company had already canceled KRW 517.6 billion of treasury shares, equivalent to 4.4% of total shares issued. KRAFTON said the additional program would take total 2026 shareholder returns to KRW 917.2 billion, the highest annual amount since its shareholder-return program began in 2023.
The open question for subsequent quarters is whether those development plans can convert franchise growth into stronger profitability after a quarter in which ADK’s consolidation, higher activity costs and weaker PC revenue all squeezed earnings.
