LOS ANGELES (AP) — LOS ANGELES (AP) — Webtoon Entertainment Inc. (WBTN) on Monday reported a loss of $9.5 million in its first quarter.
The Los Angeles-based company said it had a loss of 7 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 7 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The online storytelling platform for comics and cartoons posted revenue of $320.9 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $321.6 million.
For the current quarter ending in June, Webtoon said it expects revenue in the range of $332 million to $342 million.
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