LOS ANGELES (AP) — LOS ANGELES (AP) — Webtoon Entertainment Inc. (WBTN) on Monday reported a loss of $15.2 million in its second quarter.
On a per-share basis, the Los Angeles-based company said it had a loss of 11 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 4 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The online storytelling platform for comics and cartoons posted revenue of $338.5 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $338.8 million.
For the current quarter ending in September, Webtoon said it expects revenue in the range of $358 million to $368 million.
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