Kakao Posts Q2 Record Revenue of 2.0984 Trillion Korean Won, Up 9% YoY; Net Profit Plunges 89.5%

According to Yonhap Infomax, Kakao reported Q2 consolidated revenue of 2.0984 trillion Korean won and operating profit of 277 billion Korean won on Aug 6, up 9% and 36% year-over-year respectively, exceeding analyst expectations.

However, net profit fell to 18 billion Korean won, down 89.5% year-over-year, reflecting 180.8 billion Korean won in discontinued operation losses from subsidiary sales and 165.1 billion Korean won in tax expenses. The platform segment drove growth with revenue of 1.2303 trillion Korean won, up 17%, while the content segment posted only 1% growth at 868.2 billion Korean won, hindered by webtoon business declines.