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Kakao Corp., the operator of South Korea’s top mobile messenger KakaoTalk, said Thursday its first-quarter net profit plunged 64.5 percent on losses in its advertisement business and growing investment costs.
Net profit reached 10.9 billion won ($9.3 million) in the January-March period, compared with 30.8 billion won the previous year, the company said in a regulatory filing.
Operating income also dropped 47.7 percent on-year to 21 billion won, while sales rose 3.5 percent to 242.4 billion won.
Kakao said the decline in the first quarter bottom line is attributable to the falling seasonal demand for its advertisement services. The firm’s advertisement business posted sales of 129.4 billion won, down 11.1 percent from a year earlier.
The company’s gaming business, however, posted sales of 70.3 billion won, up 0.5 percent from a quarter earlier. Its commerce platforms also posted sales of 18.3 billion won, up 54.8 percent from a year earlier.
(khnews@heraldcorp.com)
Net profit reached 10.9 billion won ($9.3 million) in the January-March period, compared with 30.8 billion won the previous year, the company said in a regulatory filing.
Operating income also dropped 47.7 percent on-year to 21 billion won, while sales rose 3.5 percent to 242.4 billion won.
Kakao said the decline in the first quarter bottom line is attributable to the falling seasonal demand for its advertisement services. The firm’s advertisement business posted sales of 129.4 billion won, down 11.1 percent from a year earlier.
The company’s gaming business, however, posted sales of 70.3 billion won, up 0.5 percent from a quarter earlier. Its commerce platforms also posted sales of 18.3 billion won, up 54.8 percent from a year earlier.
(khnews@heraldcorp.com)
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Articles by Korea Herald
