30 Aug 2023
IGG announced 1H23 results with revenue edged up by 0.5% YoY to HK$2,499m. Revenue of Lords Mobile (LM) decreased 17.5% YoY to HK$1,657m. Revenue of Doomsday and Viking Rise reached HK$250m and HK$123m. Revenue of APP business surged over 300% YoY to HK$189m. The two new games titles and APP business contributed 35% of total revenue in 2Q23, which successfully diversified product portfolio. GPM widened 3.9ppt YoY to 72.3% in 1H23 due to an increase in revenue contribution by the APP business. A net loss of HK$360m was reported in 1H23, less than the estimated HK$400m net loss in the profit warning.