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Kakao Pay turns to red in Q4

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An image promoting Kakao Pay is seen in this undated photo. Korea Times file

An image promoting Kakao Pay is seen in this undated photo. Korea Times file

Kakao Pay on Tuesday reported its fourth-quarter net loss of 8.4 billion won ($6.3 million), turning from a profit of 33.4 billion won a year earlier.

The company said in a regulatory filing that it continued to post an operating loss of 21.5 billion won for the October-December 2023 period, compared with a loss of 22.3 billion won a year earlier. Sales rose 35.2 percent to 166.1 billion won.

The operating loss was 35.7 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. (Yonhap)