This article first appeared on GuruFocus .
Release Date: November 11, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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PearlAbyss Corp ( XKRX:263750 ) reported a 34% quarter-over-quarter increase in Q3 revenues, driven by strong performance from Black Desert and Eve Online.
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Black Desert achieved its highest quarterly revenue since self-publishing began in 2021, thanks to new content updates and regional expansions.
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The company successfully launched new services and updates across multiple platforms, including PC, mobile, and console, contributing to revenue growth.
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Crimson Desert's participation in major gaming events like Gamescom and Tokyo Game Show has generated significant anticipation and positive feedback.
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Net profit turned positive at 29 billion won, aided by foreign exchange gains and corporate tax refunds.
Negative Points
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Operating expenses increased by 5% quarter-over-quarter, driven by higher advertising costs and payment gateway commissions.
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Eve Online's operating revenue decreased by 14% quarter-over-quarter due to the fading impact of previous large-scale updates.
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The company faces challenges in accurately predicting pre-order sales for Crimson Desert, as it is their first AAA game pre-order experience.
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Despite positive feedback, there is uncertainty about the exact sales figures for Crimson Desert pre-orders.
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The company is heavily reliant on Black Desert for revenue, with 85% of operating revenue coming from PC platforms, indicating limited diversification.
Q & A Highlights
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Q: Can you provide details on the number of pre-orders for Crimson Desert and your marketing plans for the first half of next year? Also, is there a possibility of a delay in its release? A: CEO Ha Jin Yong explained that while they lack prior experience with AAA game pre-orders, feedback from partners indicates that pre-orders are on par with other new AAA IPs. The largest pre-orders are seen on consoles, likely due to demos and announcements at Sony events. Marketing efforts are ongoing to boost pre-orders across platforms. The release date is set for March 20, 2026, and preparations are proceeding smoothly, with no anticipated delays.
Q: What are the key financial highlights for Q3 2025? A: CFO Chou M Yong reported that Q3 operating revenue was 106.8 billion won, a 34% increase quarter-over-quarter, driven by strong performance from Black Desert. Operating profit turned positive at 10.6 billion won, and net profit was 29 billion won, aided by foreign exchange gains and tax refunds.
Q: How did Black Desert perform in Q3, and what updates were made? A: CFO Chou M Yong highlighted that Black Desert's revenue grew by 45% quarter-over-quarter, reaching 79.5 billion won. The game introduced new content, including a new class and region, and held large-scale updates, achieving the highest quarterly revenue since self-publishing began in 2021.
Q: What are the regional and platform revenue breakdowns for Q3? A: CFO Chou M Yong detailed that operating revenue was 18% from Korea, 17% from Asia, and 65% from North America and Europe. Platform-wise, 85% of revenue came from PC, 10% from mobile, and 5% from consoles.
Q: What are the major plans for Q4 2025? A: CFO Chou M Yong outlined plans for Black Desert, including a global PVP tournament and new class introduction. For consoles, new content updates are planned. Eve Online will see a new expansion pack and a PVP tournament. Preparations for new titles like eFrontier and Crimson Desert are ongoing, with marketing efforts to increase game recognition.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
