Kakao Q1 net profit soars over 711% on growth of major businesses

Kakao logo/ Courtesy of Kakao

Korean tech giant Kakao said Thursday its net profit soared over eightfold in the first quarter from a year earlier on overall growth of its major businesses.Its net profit came to 67.7 billion won ($49.7 million) in the January-March period, up 711.6 percent from 8.3 billion won a year ago, the company said in a regulatory filing.Its operating profit jumped 92.2 percent on-year to 120.3 billion won, and sales rose 22.5 percent to 1.98 trillion won.Kakao said its major businesses delivered strong overall performance in the first quarter.Its mainstay platform business posted 954.8 billion won in sales, up 13 percent from a year earlierIn detail, sales of its advertisement and e-commerce unit increased 8 percent to 522.1 billion won,

and the combined revenue from its ride-hailing affiliate Kakao Mobility and online payment affiliate Kakao Pay advanced 24 percent to 348 billion won.Sales from Kakao’s content business also climbed 33 percent on-year to 1.03 trillion won, mainly thanks to the acquisition of K-pop powerhouse SM Entertainment last year.The Korean company said it is also working to release various services based on artificial intelligence in the future.Last week, the company announced it has decided to acquire AI technologies developed by its affiliate Kakao Brain, including a large language model and an image generating AI model Karlo, by 슬롯놀이터 June

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