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WEBTOON Entertainment Inc. (WBTN) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing an increase in total revenue to $1,348,478,000 from $1,282,748,000 in the previous year, marking a 5.1% growth. This growth was driven by increases in paid content and advertising revenues.
The cost of revenue increased slightly to $1,009,410,000 from $987,258,000, primarily due to higher commissions and fees paid to creators.
Marketing expenses decreased by 11% to $107,783,000, reflecting increased efficiencies in marketing strategies.
General and administrative expenses rose significantly by 57.5% to $331,984,000, largely due to increased stock-based compensation expenses and costs associated with being a public company.
The company reported an operating loss of $100,699,000, compared to a loss of $36,358,000 in the previous year.
Interest income increased significantly by 425.8% to $15,820,000 due to higher cash balances and interest rates.
The company recorded impairment losses on goodwill of $69,743,000, up from $63,412,000 in the previous year, primarily related to its webnovel businesses.
WEBTOON reported a net loss of $152,912,000, compared to a net loss of $144,759,000 in the previous year.
The company ended the year with $572,402,000 in cash and cash equivalents, reflecting a net increase of $340,657,000, largely due to proceeds from its initial public offering and private placement.
WEBTOON's global monthly active users slightly decreased to 166 million, with declines in certain regions offset by growth in Japan.
The company continues to focus on expanding its presence in new geographic markets and enhancing its platform features to increase user engagement and monetization capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WEBTOON Entertainment Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.