Kakao Q2 Net Profit Slumps 44.4 Percent to 56.3 Billion Won


SEOUL, Aug. 3 (Yonhap) — Kakao Corp. on Thursday reported its second-quarter net income of 56.3 billion won (US$43.3 million), a sharp drop of 44.4 percent from the same period a year ago.

The company said in a regulatory filing that it posted 113.5 billion won in operating profit for the quarter, a decline from 171 billion won a year ago. Revenue, however, increased 12.1 percent to 2.04 trillion won.

The earnings were lower than market expectations. According to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency, analysts had estimated the net profit to be 93.8 billion won.

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