Eastsoft Reports Highest Q2 Revenue but Operating Losses Due to AI Investments...

Q2 Sales 27.8 Billion KRW... Operating Loss of 2.2 Billion KRW

Eastsoft, a company specializing in artificial intelligence (AI) services, posted its highest-ever sales in the second quarter but recorded an operating loss.

Eastsoft announced on the 12th that its consolidated sales for the second quarter of 2024 reached 27.8 billion KRW, an 18.5% increase compared to the same period last year.

Eastsoft Q2 Preliminary Earnings [Table=Eastsoft]

This marks the highest sales ever recorded in the second quarter. The company cited the expansion of its AI business 'AI Human' and education services, entry into the franchise business of 'Eyewear Virtual Fitting Commerce,' and steady growth in existing businesses such as asset management and gaming as the main factors driving sales growth.

On the other hand, the operating loss amounted to 2.2 billion KRW. This was largely due to continued investment aimed at advancing the AI business.

Eastsoft is strengthening its new AI business and advancing its existing businesses.

First, the core AI business, the AI Human service 'Perso,' is preparing for monetization by introducing a paid model following its global launch. The company has also begun to actively expand its large-scale AI education business and the franchise business of 'Rounds,' an eyewear virtual fitting commerce.

In the portal business, Eastsoft is advancing existing services by acquiring a content platform and conducting a major update of AlPDF, one of the utility programs in the AlTools service.

The company stated, "As external growth based on strengthening the competitiveness of key businesses continues, we expect the profitability improvement effects to appear rapidly accordingly."