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Kakao reports record sales in 2023 while profits dip

Collected: 2024.02.15

Distributed: 2024.02.16

Source: Go Direct

[Photo by Kim Ho-young]

Kakao Corp. reported record sales in 2023 that topped 8 trillion won ($6 billion) for the first time, although its 2023 operating profits fell by 10.9 percent compared to 2022 to total 501.9 billion won, the company said on Thursday.

The platform giant’s sales grew by 14.2 percent to 8.11 trillion won in 2023, with fourth-quarter sales increasing by 23 percent year-on-year to hit a record quarterly high of 2.17 trillion won. Its operating profit for the quarter also hit a record high of 189.2 billion won, or a 109 percent increase, during the same period.

Boosted by the strong fourth-quarter results, Kakao stocks also gained on Thursday morning to trade at 60,400 won as of 9:10 a.m., up by 10.02 percent compared to the previous trading day.

Kakao highlighted that its annual and fourth-quarter performance in 2023 significantly exceeded analyst consensus. According to earnings forecasts compiled by Yonhap Infomax, Kakao’s annual and fourth-quarter operating profits were forecasted to be 475.1 billion won and 150.2 billion won respectively.

The company’s performance is considered fairly good given the legal challenges it faced in the fourth quarter of 2023, including founder Kim Beom-su and other key Kakao group executives facing investigations for the alleged manipulation of SM Entertainment Co. stock prices.

By sector, its platform and content division sales in the fourth quarter were 1.12 trillion won and 1.05 trillion won respectively, or up by 17.1 percent and 29.9 percent year-on-year. Operating expenses for the year and the fourth quarter increased by 16.3 percent and 18.4 percent to total 7.6 trillion won and 1.98 trillion won respectively.

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