Kakao Q3 operating profit up 15.5% on stable growth of platform biz
Korean internet tech giant Kakao Corp. said Thursday its operating profit rose 15.5 percent from a year earlier, boosted by the stable growth of its flagship platform business. On a consolidated basis, the company reported an operating profit of 240.3 billion won ($179.2 million) in the July-September period, according to its regulatory filing. Sales remained unchanged at 2.08 trillion won, while…
Kakao Corporation, a leading Korean internet technology company, reported a 15.5% increase in its operating profit for the third quarter of 2021, reaching 240.3 billion won ($179.2 million). The growth was primarily attributed to the stable performance of its flagship platform business. Despite a 7.9% decline in net income to 177.7 billion won, the company's platform business saw a 17% year-on-year sales increase, amounting to 1.24 trillion won.
The commerce segment of the platform unit experienced a 13% sales growth, reaching 2.3 trillion won, driven by increased usage of KakaoTalk for transactions during the Chuseok holidays and personal shopping. Additionally, the company's ride-hailing and payment services within the platform unit contributed 602.1 billion won in sales, a 21% year-on-year increase.
However, the content business, affected by fewer album releases and concerts, along with declining large-scale events, saw a 6% year-on-year sales decline to 851.7 billion won.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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