Com2uS’ record Q3 revenues up 146% Y-o-Y to $20.5M, net income hits $6.8M

By Kathleen De Vere Comment

Q3 2012 was another record quarter for South Korea’s Com2uS — the mobile game developer and publisher saw revenues of 22.4 billion KRW ($20.5 million) and net income of 7.5 billion KRW ($6.8 million) during the period. The company’s net income is up 483 percent year over year, and 25 percent quarter-over-quarter.

The company’s smartphone sales for Q3 2012 were 21.1 billion KRW, up 212 percent year-over-year and 6 percent quarter-over-quarter. Smartphone sales now account for 94 percent of Com2uS’ total revenue, up from 90.4 percent in Q2. In Q3 2011, smartphone sales accounted for 74 percent of Com2uS’ revenue.

Interestingly, Q3 saw the company’s domestic revenues dip slightly as the feature phone market declined. Com2uS’ total South Korean sales for the quarter were 14.3 billion KRW ($13 million). Although that’s down one percent quarter-over-quarter, the company’s South Korean smartphone sales were 13.2 billion KRW ($12 million), up four percent quarter-over-quarter. Overall, Com2uS’ domestic smartphone sales are up 631 year-over-year, a jump that coincides with the introduction of the Games category in country’s iOS app store.

Com2uS’ international revenues for the quarter were 8.1 billion KRW ($7.4 million), up nine percent quarter-over-quarter and 48 percent year-over-year.

The company’s shares rose by more than 2.5 percent on the report, and are currently trading at 69,000 KRW ($63.18) — up significantly from August when the company’s shares were worth 46,300 KRW ($40.97). The company’s market cap is now 696 billion KRW, up 49 percent since Q2 2012.