Trending: Kakao's 2Q Profit Slides; To Introduce Cost-Efficient AI
0733 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 second-quarter earnings. The operator of the popular South Korean messenger app KakaoTalk said Thursday that net profit in the April-June quarter totaled 56.27 billion won ($43.3 million) versus KRW101.20 billion in the same period last year. Kakao said higher operating costs weighed on its bottom line, and weakness in its content business hurt revenue. During an earnings conference, CEO Hong Eun-taek said Kakao is planning to introduce a cost-efficient artificial intelligence model, according to the Korea Herald. "The key [to winning] is not who constructs a hyperscale generative AI first, but who creates a cost-effective and appropriate model and applies it to integrated services," he said, according to the newspaper. Dow Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)
(END) Dow Jones Newswires
August 03, 2023 03:49 ET (07:49 GMT)
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