Pearl Abyss Q3 2022: DokeV and Crimson Desert Delays, New Blockchain CCP Game, and the Rise of EVE Online

Pearl Abyss, primarily known in these regions as a private company for EVE Online and Black Desert, released its third quarter earnings report this year, and there are a lot of interesting lines woven into the presentation.

First, the numbers: PA said its operating revenue reached 97.3 billion Korean won, up 3.5% from the same quarter last year, while operating profit increased 12% year-on-year. At the same time, net income decreased by 33% compared to the previous quarter and by 20% compared to the same period last year, as profit was inflated in the previous quarter due to tax refunds.

In terms of gaming revenue, both EVE and BDO received an additional 4.5% revenue in the third quarter, with EVE revenue up 10.2%. However, an investor question as to whether this trend will continue in future quarterly reports was reportedly dodged by the PA, likely because the revenue spike was a temporary infusion driven by a rise in subscription prices in May.

Pearl Abyss also talked about their future prospects, especially DokeV and Crimson Desert. Specifically, development on Crimson Desert is expected to end in the second half of 2023, while DokeV will skip its target launch window of 2023 and return by 2024.

There have been rumors about DokeV that DokeV’s core developers left the company, possibly due to the departure of interns in the third quarter. None of these rumors were addressed during the call, but Pearl Abyss said they were “growing into Crimson Desert development.” The combination of bad news ultimately sent PA shares down 6%.

Finally, the earnings report told investors that PA is still chasing the blockchain dragon, which is primarily run by CCP Games under an unspecified new project. Appeal executives noted that player backlash against the integration of the technology into current CCP games was the impetus for the decision to turn the NFT publisher’s aspirations into something else.

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