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Webtoon Entertainment Q1 operating loss 11.7 billion won, narrows 69.8 percent

Webtoon Entertainment, Naver Webtoon’s U.S. parent, said its first-quarter operating loss narrowed 69.8 percent from a year earlier on improved gross profit and cost controls. Revenue fell 1.5 percent to $320.87 million, but rose 0.2 percent on a constant-currency basis. The operating loss was $8.03 million and net loss fell 60 percent to $8.80 million. Paid content revenue edged up, while ad and IP business revenue declined.