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WEBTOON Entertainment Inc. Reports Third Quarter 2024 Financial Results
WBTNWebtoon Entertainment Inc.(WBTN) GlobeNewswire News Room·2024-11-07 21:15

Core Insights - WEBTOON Entertainment Inc. reported a total revenue of 347.9millionforQ32024,reflectingayear−over−yeargrowthof9.5347.9 million for Q3 2024, reflecting a year-over-year growth of 9.5%, with a constant currency growth of 13.5% to 360.4 million [2][3] - The company achieved a net income of 20millionandanadjustedEBITDAof20 million and an adjusted EBITDA of 28.9 million, indicating significant year-over-year increases [2][3] - The CEO expressed confidence in future growth opportunities, supported by a strong creator community and a robust pipeline of entertainment projects [3] Financial Performance - Total revenue for Q3 2024 was 347.9million,up9.5347.9 million, up 9.5% from 317.8 million in Q3 2023, driven by growth in Paid Content and Advertising [2][3] - Revenue on a constant currency basis was 360.4million,representinga13.5360.4 million, representing a 13.5% increase, with contributions from all revenue streams and regions [2][3] - Net income was 20 million, attributed to improved gross profit, increased interest income, and an income tax benefit [2][3] - Adjusted EBITDA reached 28.9million,withanadjustedEBITDAmarginof8.328.9 million, with an adjusted EBITDA margin of 8.3%, both showing increases from the previous year [2][3] Earnings Per Share - Diluted EPS for Q3 2024 was 0.15, a recovery from a loss of 0.10pershareintheprioryear[2]−AdjustedEPSincreasedto0.10 per share in the prior year [2] - Adjusted EPS increased to 0.22 from 0.03inthepreviousyear,reflectingimprovedprofitability[2]FourthQuarterOutlook−ForQ42024,thecompanyanticipatesrevenuegrowthonaconstantcurrencybasisbetween10.30.03 in the previous year, reflecting improved profitability [2] Fourth Quarter Outlook - For Q4 2024, the company anticipates revenue growth on a constant currency basis between 10.3% and 13.3%, translating to revenue expectations of 375 million to 385million[4]−AdjustedEBITDAisprojectedtobeintherangeof385 million [4] - Adjusted EBITDA is projected to be in the range of 9 million to $14 million, with an adjusted EBITDA margin of 2.4% to 3.6% [4] Company Overview - WEBTOON is recognized as a leading global entertainment company, specializing in mobile webcomics and storytelling platforms [6][7] - The company boasts approximately 170 million monthly active users and has partnerships with major content platforms like Netflix and Prime Video [8]