Trending: Kakao Corp.'s First-Quarter Results Miss Expectations
0251 GMT - Kakao Corp. is one of the most mentioned companies in the news over the past six hours, according to Factiva data, after it reported sharply lower profits for the first quarter. The operator of South Korea's No. 1 mobile messenger app said Thursday that operating profit and net profit fell 55% and 93%, respectively, and missed consensus forecasts compiled by FactSet. Kakao cited a base effect for the particularly steep net profit decline, Yonhap reported, referring to a large one-off bump from a stock sale in the first quarter last year. Meanwhile, operating costs rose 12% due to increased data-center investment, according to Yonhap. Shares were last 2.7% lower. Dow Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)
(END) Dow Jones Newswires
May 03, 2023 23:06 ET (03:06 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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