LOS ANGELES (AP) — LOS ANGELES (AP) — Webtoon Entertainment Inc. (WBTN) on Thursday reported third-quarter profit of $19.8 million.
The Los Angeles-based company said it had net income of 15 cents per share. Earnings, adjusted for non-recurring costs, came to 22 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 47 cents per share.
The online storytelling platform for comics and cartoons posted revenue of $347.9 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $336.4 million.
For the current quarter ending in December, Webtoon said it expects revenue in the range of $375 million to $385 million.
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