The KOSDAQ-listed company SOOP (formerly AfreecaTV) saw its stock price fall early in trading on the 30th, following news of disappointing earnings for the second quarter of this year.
As of 9:25 a.m. on that day, SOOP's stock was trading at 82,500 won, down 8,500 won (9.34%) from the previous trading day.
SOOP announced before the regular market opened that its operating profit for the second quarter of this year was provisionally estimated at 30 billion won, a 9.9% decrease compared to the same period last year. Although sales were 116.9 billion won, an increase of 15.2% year-on-year, net profit fell sharply by 18.6% to 22.5 billion won.
During this period, labor costs rose to 30.5 billion won, an increase of 33% from the previous year, and costs such as transaction fees of 14.6 billion won and advertising payments of 9.5 billion won contributed to the decline in profits.
A SOOP official said, "To secure long-term competitiveness based on the platform, we have set priorities such as advancing artificial intelligence (AI) services, refining our technological framework, and expanding into global markets, and we will establish a foundation for technology and operations across the board."