LOS ANGELES (AP) — LOS ANGELES (AP) — Webtoon Entertainment Inc. (WBTN) on Tuesday reported a loss of $22 million in its first quarter.
On a per-share basis, the Los Angeles-based company said it had a loss of 17 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 3 cents per share.
The online storytelling platform for comics and cartoons posted revenue of $325.7 million in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $324 million.
For the current quarter ending in June, Webtoon said it expects revenue in the range of $335 million to $345 million.
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