Kakao-Q1 earnings

Kakao Q1 net profit down 93.4 pct to 87.1 bln won

SEOUL, May 4 (Yonhap) -- Kakao Corp. on Thursday reported its first-quarter net income of 87.1 billion won (US$65.1 million), down 93.4 percent from a year earlier.

Operating profit for the January-March period was 71.1 billion won, down 55.2 percent from a year ago, the company said in a regulatory filing. Sales rose 5.4 percent to 1.74 trillion won.

The earnings fell short of market expectations. The average estimate of net profit by analysts stood at 97.7 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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