On the morning of May 13, GungHo Online Entertainment, Inc. (JASDAQ Standard) rose by its maximum allowable single day limit of 300,000 yen (approx. US$3,000). The stock increased 28.79 percent to 1.342 million yen (approx. US$13,420). The rise comes on the heels of a 17 percent gain on Friday, May 9.
The new stock price gives the company a market capitalization of 1.5445 trillion yen (US$15.7 billion), above that of Nintendo’s 1.5342 trillion (US$15.07 billion). GungHo now ranks 58th of all listed companies on Japanese exchanges, one position above Nintendo which ranks 59th.
The company’s consolidated sales for the quarter ending March 2013 came in at 30.94 billion yen (US$304 million), 9.4 times greater than those of the previous year over the same period. Group operating profits increased an astronomical 73 times year-on-year, coming in at over 18.6 billion yen (US$103 million). The company’s explosive growth is attributed in part to the popularity of its Puzzle and Dragons game, which has achieved over 13 million downloads.
Source: Alfalfalfa
Photos: GungHo