GREE saw sales and operating profit decline in its fiscal third quarter of 2013, with use of its “coins” virtual currency failing to hit targets in Japan.
The company posted sales of 37.9bn yen ($370.9m) for the quarter, down from 39.4bn yen ($384.6m) in Q2. Operating profit fell from 14.3bn yen ($139.6m) in the second quarter to 10.8bn yen ($105.7m) in Q3. GREE said that coin consumption in Japan on smartphone titles grew but fell short of targets, while overseas coin consumption doubled quarter-on-quarter, thanks to strong performances from titles developed by GREE’s US studio, including Crime City and Modern War.
The company also set out a new growth strategy, that will include using “selection and concentration to ensure top-line growth and pursue rigorous cost control”; prioritising the shift to smartphones and redeploying resources to rapidly improve KPIs; streamlining its native app title portfolio in Japan; streamlining its overseas portfolio; and building on the growth of its US studio.
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