HYBE blames artist hiatus, rookie group costs for weak Q1 profit

Industry

HYBE blames artist hiatus, rookie group costs for weak Q1 profit

Published: 02 May. 2024, 10:34

LEE JAE-LIM
lee.jaelim@joongang.co.kr

HYBE's headquarters in Yongsan District, central Seoul. [NEWS1]

HYBE reported a lower-than-expected operating profit of 14.4 billion won ($10.43 million) for the first quarter of this year due to the hiatus of existing artists and costs related to the debut of rookie groups, the K-pop agency said on Thursday.

The figure fell 73 percent compared to the previous year. Market expectations for its operating profit were 17.2 billion won, according to data compiled by market tracker FnGuide.

Quarterly revenue sank 12 percent to 360.9 billion won, lower than the market consensus of 380.4 billion won.

Net profit swung back to 2.9 billion won, far below the analyst forecast of 25.4 billion won.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]