Kakao Games’ OP down 57.65% in 2023

Kakao Games Office Building

Kakao Games Corp., the gaming unit of South Korea’s platform giant Kakao Corp., saw its operating profit plunge 57.65 percent in 2023 from a year ago.

In a regulatory filing on Thursday, Kakao Games said that its operating profit stood at 74.5 billion won ($56.2 million), down 57.65 percent from the previous year.

Revenue fell 10.77 percent year-on-year to 1.02 trillion won and net loss widened to 329.5 billion won.

In the fourth quarter, operating profit stood at 14.1 billion won, up 57.14 percent from the same period of a year ago.

Revenue stood at 239.2 billion won in the fourth quarter and net loss reached 346.2 billion won.

The fourth-quarter operating profit was 16.3 percent higher than the market consensus of 12.1 billion won.