Kakao Corp., the South Korean tech giant, has reported a robust financial performance for the second quarter of 2024, with significant growth in both revenue and profit. The company’s total revenue for the quarter increased by 4% year-on-year, reaching ₩2,005 billion (approximately $1.55 billion). This growth was driven primarily by the platform and advertising sectors, which together accounted for 48% of total sales.
Operating profit saw a substantial increase of 18% from the previous year, totaling ₩134 billion (around $103.8 million), reflecting an improvement in operational efficiency and cost management. The platform business, encompassing services such as KakaoTalk Biz and the portal business, contributed significantly to this growth, with revenue increasing by 10% year-on-year.
Kakao’s content division, which includes gaming, music, and media, showed varied performance. The music segment experienced a 6% rise in revenue, buoyed by strong global distribution networks and domestic content expansion, while the gaming sector faced challenges with a 13% decline year-on-year.
In addition to financial growth, Kakao continues to invest in new initiatives, including artificial intelligence and cloud services, aiming to further enhance its digital ecosystem. With these results, Kakao demonstrates its resilience and strategic adaptability in the competitive tech landscape.
