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Korea’s Kakao reports best ever quarterly sales

Collected: 2017.11.10

Distributed: 2017.11.13

Source: Go Direct

Kakao Corp., South Korea’s top mobile platform company, reported its best quarterly top-line performance in the third quarter, beating its own record in the previous quarter, but investors sold off shares on profit taking Thursday.

Kakao shares on Thursday closed 3.17 percent down at 152,500 won from the previous session.

The company said in a regulatory filing it earned 47.4 billion won on revenue of 515.4 billion won on a consolidated basis in the July-September period.

Operating profit was best after the first quarter of 2015, driven by robust advertisement sales and bullish margin expansion from game, music and other content businesses.

The company delivered a well-balanced organic growth across ad, content and commerce divisions. Revenue was up 32 percent on year and 10 percent on quarter. Operating profit gained 57 percent from a year ago and 6 percent from a quarter ago.

Kakao’s chief financial officer Choi Yong-seok said in a Thursday conference call that the company’s game subsidiary Kakao Games is set to debut on the stock market in 2018 and the company has already chosen an IPO adviser.

Regarding the upcoming monetization of Kakao Taxi, he said the plan will be delayed a bit from its scheduled date in the fourth quarter of this year to the first quarter of next year due to the separation of Kakao Mobility and the launch of integrated mobility platform Kakao T.

The taxi-hailing app with 15 million subscribers and 1.5 million daily calls is on track for monetization on expanded commercial services for corporate customers.

By Shin Hyun-kyu and Minu Kim

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