Krafton finished trading at 20만 won (₩200,000) on the KOSPI market on September 21.
Even after its record first-half earnings became known, the stock remained weak, drawing attention to why earnings and the share price were moving in opposite directions.
This trend shows how the market is evaluating Krafton’s sources of growth after PUBG: BATTLEGROUNDS, rather than simply reflecting a single day’s rise or fall.
Three-line summary
1. Krafton closed at 20만 won on the 21st.
2. First-half operating profit was 9,725억 won (9725억 won).
3. The durability of new releases is the key variable.
September 21: Closed at 20만 won after falling 5,000 won
Krafton closed at 20만 won on the KOSPI on September 21, down 5,000 won (5000 won, 2.44%) from the previous trading day. A Jaekyung Ilbo report said that attention was focused on whether the 20만-won level would hold during the session.
It is difficult to attribute the day’s decline to any one specific disclosure or new earnings issue. Jaekyung Ilbo interpreted it as reflecting a combination of an overall market correction, weaker investor sentiment toward the game industry, and selling pressure late in the session. This is the outlet’s analysis and does not mean that the cause of the stock decline has been confirmed.
Although it is difficult to assess a company’s earnings based solely on the number 20만 won, the fact that the stock fell back to this price range after a recent recovery can be read as a signal that investors have become more sensitive to its future growth.
The time lag between record first-half earnings and the stock price
According to a Lead Economy report, Krafton’s consolidated revenue for the first half of this year was 2조6,616억 won (2조6616억 won), while operating profit was 9,725억 won (9725억 won), representing record first-half results. The report said that growth in its core intellectual property (IP), PUBG: BATTLEGROUNDS, and initial sales of the new title Subnautica 2 contributed to the results.
However, the stock market considers not only results that have already been posted but also whether subsequent results will continue. Lead Economy identified concerns that sales of Subnautica 2 could remain a one-time source of revenue because of the characteristics of packaged games, along with the high earnings comparison base, as factors weighing on the market. This is why record earnings do not immediately lead to a higher stock price.
In particular, the market’s question is not limited to whether PUBG: BATTLEGROUNDS is performing well. A more important criterion is whether a new game, apart from PUBG: BATTLEGROUNDS, can establish itself as a long-term source of revenue.
Challenges left by the canceled tournament and new-title reveals
According to Lead Economy, Krafton announced on September 21 that it would fully cancel the remaining schedule of PUBG Asia Stars 2026, a tournament held in the Asian region. The event began with cheating by a participating player on the first day, and the company said it had revoked the player’s eligibility and was conducting an additional investigation.
There is no basis for viewing the tournament-operations controversy as the single cause explaining the overall stock price. However, it is cited as a potential burden because the company’s ability to operate its core IP and user trust may be evaluated together.
Krafton unveiled 5 new titles at gamescom 2026 in Germany in August. The performance of these new titles and whether PUBG: BATTLEGROUNDS can sustain its growth are key clues to understanding why the stock has stalled even after record earnings. More important than a single earnings figure is whether the existing IP and new IP can both become established sources of revenue.
References
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