Wemade Issues Revised Earnings Report for Last Year... Excluding Cryptocurrency Revenue of 220 Billion KRW

[Image source=Yonhap News]

[Asia Economy Reporter Seomideum] Wemade has revised its earnings disclosure. Previously, Wemade faced controversy for reflecting the profits from selling its issued cryptocurrency 'Wemix' as company revenue.

On the 16th, Wemade corrected its earnings disclosure, reporting last year's annual revenue as 337.3 billion KRW and operating profit as 100.9 billion KRW.

In last month's earnings announcement, Wemade had stated last year's annual revenue as 560.7 billion KRW and operating profit as 325.8 billion KRW.

Compared to the previous announcement, the revised revenue is 223.4 billion KRW less, and operating profit is 224.9 billion KRW less.

Wemade's Q4 revenue last year changed from the original 352.4 billion KRW to 129.0 billion KRW, and Q4 operating profit changed from 254.0 billion KRW to 29.1 billion KRW.

Wemade announced on the 9th of last month that it had recorded its highest performance since its founding.

However, excluding revenue from cryptocurrency liquidity sales, the actual performance was evaluated to have fallen short of market expectations, causing the stock price to plunge.

Wemade's stock price, which was 149,900 KRW on February 9th, dropped 36.7% to 94,900 KRW on the same day.

Wemade explained the reason for the correction, stating, "After the initial disclosure on February 9th, during the external audit process, the accounting treatment method for Wemix liquidity was changed and reflected in the financial statements."

This content was produced with the assistance of AI translation services.