Sales: KRW 2.1609 trillion, operating profit: KRW 140.3 billion
Establishment of the Compliance and Trust Committee and Management Reform Committee
Kakao released its third quarter 2023 performance. Sales fell short of market expectations, but operating profit exceeded them. Kakao is in the midst of domestic and foreign exchange. The management of Kakao is not viewed favorably. Kakao established a new compliance and ethics management organization to overcome the current situation. Emergency management was declared. It is a test of whether to take a second leap forward or to stumble.
Kakao announced on the 9th that it recorded sales of 2.1609 trillion won and operating profit of 140.3 billion won in the third quarter on a consolidated basis.
Sales increased by 6% compared to the previous quarter and by 16% compared to the same period last year. Operating profit increased 24% compared to the previous quarter, but decreased 7% compared to the same period last year.
Platform sector sales are 1.0395 trillion won. It grew by 4% compared to the previous quarter and the same period last year.
Talk Biz achieved sales of 517.7 billion won, up 3% compared to the previous quarter and 11% compared to the same period last year. The impact of the advertising off-season was offset by the effect of the peak commerce holiday season. Compared to the same period last year, the business messaging business showed a strong performance.
Portal Biz sales amounted to KRW 83.2 billion, down 7% compared to the previous quarter and 24% compared to the same period last year. The decline in Daum portal users continued.
Other platform sales amounted to 428.5 billion won, an increase of 8% compared to the previous quarter and 5% compared to the same period last year. Kakao Pay and Kakao Mobility took the lead.
The content division’s sales amounted to 1.1315 trillion won. It is 7% more than the previous quarter and 30% more than the same period last year.
Game sales amounted to only 262 billion won, down 2% from the previous quarter and 12% from the same period last year. Music sales surged 7% compared to the previous quarter and 105% compared to the same period last year, reaching 513.3 billion won. It reflects the effect of being incorporated into SM Entertainment.
Story sales are 249.1 billion won. It increased by 8% compared to the previous quarter and the same period last year. Reached the highest quarterly transaction volume in Japan. In addition, the number of views for domestic original webtoon intellectual property (IP), such as Moving, has expanded.
Media sales amounted to 107 billion won. It is 46% higher than the previous quarter and 14% higher than the same period last year.
Kakao explained, “We plan to continue our management policy of focusing on the basics, such as solidifying our business structure to enable continued growth and constantly investing to stably provide convenient and safe services to users.”
Meanwhile, Kakao distributed a total of 49.2 billion won in dividends over the past two years. During the same period, it canceled treasury stocks worth 422.4 billion won, or 1.4% of the issued shares. We plan to announce a new mid- to long-term shareholder return policy in 2024.
THE ELEC = Reporter Sangho Yoon crow@thelec.kr
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2023-11-09 00:13:16
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