Seoul: South Korean internet tech giant Kakao Corp. on Thursday reported a second-quarter net profit of 18 billion won (US$12.6 million), marking an 89.5 percent decline from the previous year.
According to Yonhap News Agency, the company's operating profit for the April-June period stood at 277 billion won, reflecting a 49 percent increase compared to the same period last year. Meanwhile, sales rose by 3.5 percent, reaching 2.09 trillion won. Despite these figures, the company's earnings did not meet market expectations, with analysts projecting an average net profit of 178.6 billion won based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. Kakao Corp., known for operating KakaoTalk, the country's leading messaging app, provided these details in a regulatory filing.