Webtoon Entertainment Announces First Earnings After US Listing... Q2 Revenue Hits 440 Billion Won

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Naver Webtoon headquarters' Webtoon Entertainment recorded sales reaching 440 billion KRW in the second quarter of this year.

Webtoon Entertainment announced on the 9th that its sales in the second quarter of this year amounted to $320.972 million (approximately 439.9 billion KRW), a 0.1% increase compared to the same period last year. Although sales were significantly offset by the weakness of foreign currencies such as the Korean won and Japanese yen, on a fixed exchange rate basis, sales grew by 11.1% to $350.3 million.

The operating loss in the second quarter was $79.096 million (approximately 108.4 billion KRW), and the net loss was $76.568 million, a 288% increase compared to the same period last year. This was due to one-time expenses related to the initial public offering (IPO) in June and stock compensation costs.

Revenue from paid content increased by 1.0%, but sales from advertising and intellectual property (IP) businesses decreased by 3.6% and 3.7%, respectively. Although sales were steady by country, the weakness of the Korean won and Japanese yen resulted in only a 0.1% increase in dollar terms.

The monthly active users (MAU), a key indicator of the platform business, was 166.3 million, a 0.8% decrease compared to the same period last year. In particular, it decreased by 6.6% domestically.

The average revenue per paying user (ARPPU), which refers to the average amount spent by users who pay for webtoons, increased by 1.4% to $11.2.

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