- VNG posts $298.3M revenue, missing $393.3M target, with $82M losses.
- Gaming segment shines with 78.7M users, $311.6M bookings.
- Zalo app grows to 75.8M users.
Vietnam’s tech trailblazer, VNG Corporation, posted net revenue of $298.3 million for 2023, falling short of its ambitious $393.3 million target.
Despite operating losses of $82 million and a post-tax net loss of $91 million, the company’s CEO, Le Hong Minh, highlighted the resilience of its gaming segment and international revenue growth.
Game on: VNG’s gaming prowess shines
VNGGames, the company’s game publishing arm, witnessed a 15% surge in its user base, reaching 78.7 million active users.
Bookings, a key metric estimating user spending, soared 20% year-on-year to $311.6 million, with over 26% originating from international markets.
Furthermore, VNG introduced 10 new games and forged a partnership with Riot Games to publish League of Legends and Teamfight Tactics in Vietnam.
Zalo-ing towards digital dominance
Beyond gaming, VNG’s messaging app, Zalo, achieved remarkable milestones, attracting 75.8 million quarterly active users by the end of 2023 – a 15% year-over-year increase.
Zalo’s business communication platform, boasting over 20,000 business subscribers, witnessed a staggering 150% surge in profits.
Notably, ZaloPay, VNG’s digital payment service, curbed operating losses by over 40% while boosting total payment volume by 27%.
To read the original article: https://www.techinasia.com/vng-posts-2983m-revenue-losses-reach-82m
