Kakao reports record Q2 revenue, profit surge, driven by platform businesses

By Kim Joo-heon Posted : August 8, 2024, 11:22 Updated : August 8, 2024, 11:22
Logo of KakaoTalk
SEOUL, August 8 (AJU PRESS) - Kakao Corp., Korea's leading tech company, reported record revenue and double-digit profit growth for the second quarter on Thursday, driven by its advertisement, e-commerce and other platform-based businesses.

The company, which operates Korea’s largest mobile messaging app, KakaoTalk, said in a regulatory filing that revenue increased by 4 percent year-on-year to a record 2 trillion won ($1.4 billion) for the April-June period. 

Net income surged 59.1 percent to 87.1 billion won, while operating profit jumped 18.5 percent to 134 billion won.

Its platform businesses generated sales of 955.3 billion won, a 10 percent year-on-year increase, including advertising revenue, which rose 9 percent to 307.3 billion won, and e-commerce operations, which increased 5 percent to 206.6 billion won.

But its content business sales declined 0.4 percent to 1.05 trillion won.  

In the segment, music revenue reached 510.9 billion won, a 6 percent increase. But revenue from digital comics and novels totaled 215.7 billion won, down 7 percent from the previous year. 

The decline was attributed to increased costs related to Kakao’s Japanese webcomic subsidiary, Piccoma, amid growing competition in Japan.
 

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