Kakao Q2 operating profit misses estimates
Published: 03 Aug. 2023, 09:32
![Kakao's office in Pangyo, Gyeonggi [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2023/08/03/f8871770-216d-4c9a-989f-a8f1fc5087f4.jpg)
Kakao's office in Pangyo, Gyeonggi [YONHAP]
Kakao posted a lesser-than-expected operating profit of 113.5 billion won ($87.4 million) for the second quarter, with the tech giant citing the loss from expanding its data centers and more investments in artificial intelligence business.
The figure fell 33.7 percent on year, dipping below the market consensus of 124.4 billion won compiled by FnGuide.
Quarterly revenue rose 12.1 percent to 2.04 trillion won, in line with the market estimate of 2.07 trillion won.
Net profit for the second quarter plummeted 44.4 percent to 56.3 billion won, missing the analysts’ expectations of 104.7 billion won.
BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]
with the Korea JoongAng Daily
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