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Games & Commerce
Kakao Games launches first shareholder returns under new management, burns 500,000 treasury shares
Kakao Games said on Tuesday it will implement its first shareholder return measures since listing, including cancelling 500,000 treasury shares, introducing a restricted stock unit plan and reducing capital reserves. It will burn 500,000 shares worth about 29.9 billion won on July 15, and use the remaining 354,009 shares for employee RSUs. The company also plans to transfer reduced capital reserves to retained earnings after shareholder approval.
Games & Commerce
Kakao Games eyes turnaround with management shake-up and new game push ahead of new top shareholder
Kakao Games is moving to replace its management ahead of a change in its largest shareholder from Kakao to an investment vehicle funded by Line Yahoo. The company plans to appoint two internal directors who are expected to become co-CEOs and to name a non-executive director from Petrico Partners. It also outlined five new game releases from the third quarter through year-end as it seeks a turnaround after six consecutive quarterly losses.
Games & Commerce
Kakao Games posts Q1 operating loss of 25.5 billion won, prepares new titles including \'Odin Q\'
Kakao Games posted a first-quarter operating loss of 25.5 billion won as revenue fell due to declining sales from existing live games and a lack of new releases. Quarterly sales came to 82.9 billion won, down 33 percent from a year earlier and 16 percent from the previous quarter. PC online game revenue rose 4 percent to 27.9 billion won, while mobile game revenue fell 43 percent to 55.0 billion won.
