Com2uS Holdings swings to Q2 net profit on Coinone stake sale despite 43% revenue drop

Com2uS Holdings reported second-quarter revenue of 15.6 billion won ($11.0 million), down 43.1% from a year earlier and 9.2% from the previous quarter, while its operating loss widened to 5.3 billion won ($3.7 million) from 2.2 billion won a year earlier, even as it improved from a 9.7 billion won loss in the prior quarter. The company still swung to a net profit of 7.7 billion won ($5.4 million) after booking non-operating gains from the partial sale of its stake in South Korean cryptocurrency exchange Coinone, and standalone net profit reached 6 billion won ($4.2 million), though analysts said the result did not reflect a recovery in the core business. First-half results remained in the red, with revenue of 32.7 billion won ($23.1 million), an operating loss of 15 billion won ($10.6 million) and a net loss of 3.7 billion won ($2.6 million), while losses from associates totaled 9.2 billion won ($6.5 million), or 61% of the operating loss. Com2uS Holdings cut second-quarter operating expenses 29.5%, including steep reductions in marketing, commissions, royalties and labor costs, but the expense ratio still rose to 119.0% as sales fell faster than costs. The company is targeting a second-half rebound through titles including "Ares: The Iron Vanguard" and broader PC and console releases, while subsidiary Com2uS Platform expands the Hive game backend, cloud services and AI features.

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