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Kakao Q2 net spikes 38 pct on robust sales

Consumer Electronics 09:15 August 08, 2019

SEOUL, Aug. 8 (Yonhap) -- Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Thursday its second-quarter net profit surged 38 percent from a year earlier on the back of robust revenues.

Net profit reached 31 billion won (US$25.5 million) in the April-June period on a consolidated basis, compared with a net profit of 23 billion won a year earlier, the company said in a regulatory filing.

Sales jumped by 25 percent on-year to reach a quarterly record of 733 billion won in the second quarter, and operating income rose to 41 billion won from 26 billion won over the cited period, it said.

The tally beat the market consensus of 34 billion won in operating income, estimated by local brokerages in a poll by Yonhap Infomax, the financial news arm of Yonhap News Agency.

Kakao said its second-quarter revenue showed brisk performance in both its platform and content businesses.

Kakao said the revenue from its platform business surged by 30 percent on-year to 327 billion won during the cited period on the back of steady growth of Biz Message and increased revenues from new businesses, such as Kakao Mobility and Kakao Pay.

Revenue from the content business also expanded by 20 percent on-year to 406 billion won in the second quarter mainly due to steady revenues from the country's top music streaming service, Melon, under its arm.

Kakao Q2 net spikes 38 pct on robust sales - 1


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