Game company GungHo Online, the makers of the Japanese juggernaut mobile game Puzzle & Dragons, saw its market cap surge to $9 billion as its stock prices significantly jumped in the past few days.
GungHo’s stock, which is traded on the Osaka Stock Exchange, has more than doubled in price in April, increasing by about 20 percent from yesterday to today. As industry watcher and analyst Dr. Serkan Toto pointed out, the swell in the Japanese company’s stock price could be attributed to the recent launch of the English version of Puzzle & Dragons on Android, and the announcement for a version of the puzzle and role-playing game hybrid for the Nintendo DS handheld system and a new spin-off game called Puzzle & Dragons Challenge for iOS and Android (both titles are Japan only).
GungHo’s market cap is larger than other Japanese gaming powerhouses like GREE and DeNA as well as Zynga, which released its quarterly earnings yesterday.
Puzzle & Dragons, which is said to be generating between $62 million to $86 million per month, was labeled by Distimo as the top grossing app worldwide.