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…
Korean tech company Kakao reported a 15.5% increase in operating profit for the third quarter, reaching 240.3 billion won. This growth was driven by stable performance from its core platform business. The company's earnings remained flat at 177.7 billion won, while sales stayed the same at 2.08 trillion won compared to the previous year.
The company's flagship platform business saw a 17% rise in sales to 1.24 trillion won. Sales in its commerce division increased by 13% to 2.3 trillion won, thanks to higher usage of KakaoTalk for purchases during Chuseok holidays and additional consumer purchases. Ride-hailing and payment services through Kakao's platform also grew by 21% to 602.1 billion won.
However, the company's content division experienced a 6% decline in sales to 851.7 billion won, attributed to fewer new album releases, major concerts, and a drop in sales.
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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