Social Gaming Platform SpinX’s Sluggish

Netmarble was the only one in the red among 3N (Nexon, NCsoft, and Netmarble) in the first quarter of this year.

The fact that SpinX, a social casino game company that spent a large amount of money on it, was sluggish, and that there were few new works released by Netmarble itself also affected it.

Amid the deficit for the first time in 10 years, SpinX’s performance is below expectations, and trillion won worth of dollar loans used to acquire have come as a burden due to the rise in the exchange rate

We are paying attention to the fact that SpinX, which was expected to be a “core source of revenue,” has performed below expectations.

According to SpinX’s performance in the fourth quarter of last year, its net profit was 40.7 billion won, but it fell to 31.3 billion won in the first quarter of this year.

In fact, Netmarble raised more than 1.6 trillion won out of about 2.8 trillion won in acquisition by domestic and foreign banks in the process of purchasing a 100% stake in SpinX

Considering that the exchange rate has risen further since April due to Russia’s invasion of Ukraine, it is expected to easily exceed 1.7 trillion won by the end of the second quarter.

Compared to October last year when SpinX was acquired, the dollar exchange rate has soared nearly 7%.

source:https://projectfluent.io/