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Kakao's Q3 profit doubles as pandemic drives online demand

South Korean internet company is gearing up for banking unit's IPO

Kakao is best known for its KakaoTalk app but its operations cover a wide range of services, from internet banking to ride-hailing and gaming.   © Reuters

SEOUL -- South Korean internet company Kakao's operating profit doubled on the year in the third quarter as the coronavirus pandemic boosted revenue across its suite of online and digital services, which included gaming, internet banking and its popular chat app KakaoTalk.

Kakao announced Thursday that its operating profit hit 120.2 billion won ($106.3 million) in the July-September period, up 103% year-on-year. Its sales jumped 41% to 1.1 trillion won during the same period, with net profit soaring 179% to 143.7 billion won.

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