SEOUL -- Kakao saw record-high earnings for last year, driven by strong growth in advertisements and content sales, the internet company said Thursday. But the good news is being overshadowed as investors dump the company's stock over worries about Kakao's $1 billion worth of new share issuance in Singapore last week.
The South Korean company, best known for its KakaoTalk chat app, said its sales jumped 35% to 1.9 trillion won ($1.75 billion) in 2017 from a year ago. Its operating profit went up 42% to 165 billion won, with its net profit attributable to shareholdings almost doubling to 110.6 billion won during the same period.
