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Kakao Reports 2016 Q2 Earnings -Second quarter revenue totaled KRW 376.5 billion, with KRW 26.6 billion in operating income[Seoul, South Korea – August 11, 2016]Kakao Corp. (KOSDAQ 035720) today reported second quarter financial results under Korean-IFRS. Kakao’s consolidated revenue for the quarter was KRW 376.5 billion, with operating income of KRW 26.6 billion. Starting this quarter, earnings from Loen Entertainment are consolidated into the results, and Kakao’s revenue categories have been streamlined into Advertising, Content and Others.Consolidated revenue for the second quarter increased 55.3% QoQ and 66.2% YoY.Revenue from advertising decreased 12.1% YoY due to decline in PC traffic, but seasonal increase in demand combined with solid performance from new mobile ad products including native ads helped bring a 5.3% increase QoQ to KRW 136.2 billion.The Loen Entertainment acquisition brought positive results to the company’s content revenue. Consolidation of revenue from MelOn’s music sales brought significant growth both YoY and QoQ, to KRW 90.5 billion. Continued growth in global sales of Black Desert Online pushed revenue from games to KRW 78.3 billion, a 11.3% growth QoQ and a 45% YoY. Strong performances from Kakao Page, Webtoons and emoticon sales resulted in revenue of KRW 21.6 billion, a 20.8% and 469.1% increase QoQ and YoY, respectively. In all, significant growth from each sector brought revenue from the Content platform to 190.4 billion, a 107.9% increase QoQ and 215.2% increase YoY.Revenue from the Others category, which includes revenue from commerce platforms and Loen Entertainment’s record distribution business, was KRW 49.9 billion, a growth of 132% QoQ and 349.1% YoY, respectively.Kakao continues to make new investments and acquisitions in effort to create an ecosystem that fosters the growth of startups as well as new growth engines that support the core idea of ‘Connect Everything.’ Overall expenditures including labor costs and employee benefits increased with the acquisition of new companies, including Loen Entertainment, and aggressive marketing for Kakao Driver and Kakao Game brought an increase in marketing costs. As a result, operating costs for the quarter increased to KRW 349.9 billion.In total, operating income for the second quarter was KRW 26.6 billion, a 26.2% increase QoQ and 132.8% increase YoY, and operating profit margin was 7.1%. Net income was KRW 13.2 billion, a KRW 2.3 billion increase from the first quarter.A number of changes are expected for Kakao’s major services in the second half of the year. Kakao Talk will focus on supplying competitive content to heighten user experience in content consumption, and Kakao Talk Cheez will bring extra fun to the Kakao Talk experience. In the game sector, by self-publishing games such as Miracle Nikki for Kakao and My Home for Kakao, Kakao is in the process of expanding on its previous success in the mobile game industry. Kakao also plans to aggressively pursue growth in the game business through the launch of additional Kakao Friends IP games, including Friends Sachunsung for Kakao, in addition to an App Player for desktop computers. Kakao Page, an archetype for a successful paid content distribution model, is expected to record KRW 100 billion in annual transactions, and Daum Webtoon is preparing to re-launch as an independent company within Podotree in the third quarter. This move will allow Kakao’s Webtoon business to aggressively diversify its business portfolio, including IP licensing and more, and create additional revenue. Kakao Friends will diversify its character merchandise lineup through active partnerships in sectors ranging from F&B to fashion, and also launch a second flagship store following the successful launch in Gangnam. Meanwhile, Kakao will further its efforts to bring in meaningful results from the O2O sector, with Kakao Driver and Kakao Hairshop in market and Kakao Parking expected to launch within the year. (End)[Appendix 1] Kakao Consolidated Earnings for 2Q 2016 (Unit: in million KRW, %)2Q161Q16QoQΔQoQ%2Q15YoYΔYoY%Total Revenue376,519242,483134,03655%226,482150,03766%Advertising136,203129,3856,8185%154,966-18,762-12%Content190,40591,58898,816108%60,404130,001215%Others49,91121,50928,402132%11,11238,799349%Operating Expense349,900221,394128,50758%215,049134,85263%Operating Income26,61921,0905,52926%11,43415,185133%% of Revenue7.1%8.7%-1.6%p-5.0%2.1%p-EBITDA57,79742,58215,21536%29,67828,11995%EBIT21,13916,656 4,483 27% 24,863 -3,725 -15% Net Income13,23910,9502,28921%21,369-8,130-38% 2016.08.12
Kakao Reports 1Q 2016 Earnings Results [Seoul, South Korea – May 12, 2016] Kakao Corp. (KOSDAQ 035720) today reported first quarter financial results under Korean-IFRS. Kakao’s consolidated revenue for the quarter was KRW 242.5 billion, with KRW 21.1 billion in operating income. The company showed firm growth in the mobile sector, with 63% of the revenue coming from its mobile businesses.Kakao also showed sound growth from the game platform. Revenue from games increased 23.3% QoQ to record KRW 70.3 billion, following the strong performance of top ranking ‘for Kakao’ games and the surging popularity of Black Desert Online in Europe and North America.The commerce platform grew 4.3% in revenue QoQ to KRW 18.3 billion, with steady performance from Kakao Talk Gift Shop bolstered by its growing product line. An expanded product lineup and sales of Kakao Friends merchandise helped boost commerce revenue YoY by 54.8%.Revenue from the advertising platform was KRW 129.4 billion, a 15.7% decrease QoQ. The decline reflects the off season factor plus the termination of deals with a number of ad network partners as part of Kakao’s continued efforts to optimize ad traffic and revamp the overall ad platform.Other revenue totaled KRW 24.5 billion, which is an 80.4% increase QoQ and 243.8% increase YoY. This is a result of Podotree’s incorporation as a subsidiary of Kakao in December 2015.Kakao continues to focus on developing new growth engines, centered on the concept of new ‘connections.’ Continued investments in various areas including new O2O services such as Kakao Driver (on-demand designated driver service) and Kakao Hairshop(hair salon reservation service), both of which are scheduled to launch in the first half of the year, brought operating cost for the quarter to KRW 221.4 billion. Operating income for the first quarter increased 2.3% QoQ to KRW 21.1 billion, and net income for the quarter was KRW 10.9 billion.In 2016, Kakao will pursue further investment and development to concretize its position as a mobile platform company that helps design the lifestyle of its users.With the Kakao Game platform, Kakao is initiating new measures to enhance the effectiveness of the platform for partners. Introduction of the Game tab in Kakao Talk and strengthening of the pre-registration program will help partners efficiently attract new users and retain them. An in-game ad model called Kakao Game AD+ has been under beta testing since April, and is expected to officially launch this July. This addition will contribute to profit model diversification for game developers, allowing for an ad-based revenue model to the paid model and the currently dominant freemium model.For IP games, Friends Run for Kakao, which has already secured 1 million pre-registration users, is expected to launch in May. In the mobile game publishing business, Kakao is currently in active talks with developers for the publishing of more than 10 games, including O.N.E. for Kakao which is currently available as a CBT version.In the O2O sector, Kakao will continue to strive to bring convenience to everyday life. Kakao plans to examine new O2O business areas that could positively affect society by means of new ‘connections.’ The company will work to swiftly present new services that will satisfy end users and service providers alike.Meanwhile, Kakao continues to bring innovation across all areas of its service and business portfolio, including ads, commerce, content and more. (End) 2016.05.12

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