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Kakao's operating profit declines 11% to $377.7 million

Published: 15 Feb. 2024, 08:55 Updated: 15 Feb. 2024, 10:05

LEE JAE-LIM
[email protected]

Kakao headquarters in Pangyo, Gyeonggi [NEWS1]

Kakao said Thursday its operating profit shrank 10.9 percent on-year to 501.9 billion won ($377.7 million) in 2023.

The figure was above the analyst forecast of 476.6 billion won compiled by market tracker FnGuide.

Revenue rose 14.2 percent to 8.1 trillion won, slightly below the market consensus of 8.16 trillion won.

Operating profit for the fourth quarter jumped 42 percent to 189.2 billion won, above market expectations of 151.7 billion won.

Revenue increased 23 percent to 2.17 trillion won, falling just short of analysts’ projected 2.2 trillion won.

The company did not report comparative figures between 2022 and 2023 or its 2022 fourth-quarter earnings in the regulatory filing, citing “accounting errors.”

“During the financial year-end closing process for 2023, we discovered accounting errors and are currently reviewing the possibility of revising the consolidated financial statements,” Kakao said. “As for the previous fiscal year of 2022, the consolidated financial statements have not been finalized, so no comparative figures are currently provided.”

BY LEE JAE-LIM [[email protected]]