ConnectWave Reports 10.3 Billion KRW Operating Profit in Q1, Up 236.1%

The Impact of Danawa Merger 'Toktok'

Connect Wave announced on the 15th that its consolidated operating profit for the first quarter of this year reached 10.3 billion KRW, marking a 236.1% increase compared to the same period last year.

Revenue amounted to 122.4 billion KRW, up 52.6% from the same period last year. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was recorded at 16 billion KRW. This significant growth compared to the previous year is attributed to the merger effect with Danawa and steady growth in existing businesses.

ConnectWave Performance Graph. [Photo by ConnectWave]

The total transaction volume (GMV) in the data commerce sector was recorded at 700 billion KRW, an increase of 500 billion KRW compared to the previous year. Monthly Active Users (MAU) grew 325%, from 4.2 million in the first quarter of last year to 17.8 million in the first quarter of this year.

In the e-commerce solutions sector, PlayAuto (multi-market integration solution) and MySoho (mobile shopping mall construction solution) drove growth in GMV and customer numbers. The first quarter GMV was 2.4 trillion KRW, a 6% increase compared to the same period last year.

Despite challenging external conditions such as global inflation and high exchange rates, the cross-border commerce segment recorded a 6% increase in shipment volume to 570,000 units and a 3% increase in revenue to 42.2 billion KRW.

This content was produced with the assistance of AI translation services.