Pearl Abyss Q2 earnings decline as impact of Crimson Desert's launch period subsides

Pearl Abyss’ second quarter came in well below the first, as the early launch surge from Crimson Desert normalized. Operating revenue dropped 41.4% quarter-on-quarter to ₩192.6 billion ($135.9 million), while operating profit fell 68.1% to ₩67.6 billion ($47.7 million). Net profit also slid 58.3% to ₩70.9 billion ($50 million), after Q1 had jumped 419.8%.

The company said the miss versus guidance was tied to channel split effects, regional pricing differences, timing gaps between physical sell-through and revenue recognition, and deferred revenue from refund guarantees. For developers, this is a useful reminder that launch-period economics can look very different once distribution, refunds, and physical inventory timing settle into normal reporting.

Crimson Desert remained the main revenue engine, generating ₩136.1 billion ($96 million) from 2.11 million copies sold in the quarter. Digital sales made up 82% of units, while physical copies accounted for 18%. Regionally, North America and Europe contributed 75% of revenue, with Asia at 16% and Korea at 9%. Platform mix also skewed heavily toward PC at 61%, followed by console at 34% and mobile at 5%.

Pearl Abyss is already lining up the next steps: DLC for Crimson Desert is in development, with a release date due in Q3, and the game has reached a playable baseline on Nintendo Switch 2 ahead of a targeted first-half 2027 launch. The company also updated full-year guidance and reiterated a longer-term plan to keep a release cadence of roughly one game every two to three years, with DokeV slated for the second half of 2028.