Shift Up Q1 Profit Falls 18.1% to 21.5 Billion Won as Costs Jump 61.4%
Updated
Updated · digitaltoday.co.kr · May 11
Shift Up Q1 Profit Falls 18.1% to 21.5 Billion Won as Costs Jump 61.4%
6 articles · Updated · digitaltoday.co.kr · May 11
21.5 billion won in first-quarter operating profit marked an 18.1% year-on-year drop for Shift Up, even as revenue rose 12% to 47.3 billion won and net profit climbed 40.8% to 37.8 billion won.
25.8 billion won in operating expenses—up 61.4% from a year earlier—squeezed margins as incentive-driven labor costs rose and sales from core titles weakened from the prior quarter.
"Goddess of Victory: Nikke" generated 32.7 billion won and "Stellar Blade" 12.9 billion won, but both fell about 25% quarter on quarter despite anniversary events, promotions and strong store rankings.
25.7 billion won in non-operating gains, helped by foreign-exchange moves and fund returns, lifted net margin to 79.9% even as operating margin fell 16.7 percentage points to 45.5%.
2026 is shaping up as a new-title cycle for Shift Up, with disclosures planned this year on the next "Stellar Blade" title and "Project Spirit," plus a possible treasury-stock buyback after the second half.
Is ShiftUp's aggressive expansion the new blueprint for Korean developers to go global?
With profits falling, can ShiftUp's self-publishing gamble succeed without a partner like Sony?
What new horror IP will Resident Evil's creator, Shinji Mikami, build under the ShiftUp banner?