Gumi to lay off 100 in wake of Korea embezzlement scandal, post-IPO woes

JapanJust a week after Gumi confirmed that its South Korean operation was being investigated for alleged embezzlement, the embattled Japanese gaming company is bracing for layoffs. According to TechCrunch Japan, Gumi announced today that it will solicit “voluntary retirement” from 100 staff at both Gumi (Tokyo) and development center Gumi West (Fukuoka). The firm’s justification for the move is that the skill set of some employees no longer matches the company’s needs.

https://www.techinasia.com/gumi-layoffs-korea-embezzlement-post-ipo-woes/

IPO hangover? Gumi reveals its expected $10.6M profit will be a $5M loss

JapanIPOs bring champagne showers – and increased financial oversight. Gumi, the gaming firm that had been left for dead but regrouped and surged to a nearly billion dollar IPO, is getting a first-hand lesson in the consequences of that oversight. The company announced today that is is revising its guidance for the fiscal year ending April 30. Instead of a JPY 1.27 billion (US$10.6 million) profit, the firm will face a JPY 600 million (US$5 million) loss.

https://www.techinasia.com/gumi-surprise-profit-loss/

Gumi tries to break the Japanese gaming curse, opens up shop in Canada

Gumi keeps on rolling following its resurrection from the game developer scrap heap. After teasing that its imminent IPO could hit upwards of US$300 million in value and securing a cool US$10 million and critical partnership from Line, Gumi is now making good on its promise to make a stir in North America with the opening of a subsidiary in Vancouver, British Columbia. The aptly-named Gumi Canada will need to solve a puzzle that has plagued Japanese game developers for years – how to make first party mobile games for North American
customers.

https://www.techinasia.com/gumi-canada-office/

Japanese Mobile Games Giant gumi Inc. Launches U.S. Studio

Today gumi Inc., a leading developer and publisher of mobile games, is announcing its first major North American expansion plans since the close of a $50 million round of funding. The company is officially expanding into the U.S. with the opening of a games studio and the hiring of former Microsoft Game Studios GM AJ Redmer. The U.S. studio, combined with others across the world, plan to release thirty new titles worldwide, including Chain Chronicles–a SEGA game, which is already a top grossing mainstay on both iOS and Android in Japan – soon to be released in the U.S.

http://www.sys-con.com/node/3156818