Weak won bites Naver-controlled Webtoon Entertainment after high-profile Nasdaq debut

Webtoon Entertainment, a Naver-controlled, Nasdaq-listed company, is grappling with pressure on earnings from a weakening won after its high-profile debut on the New York stock market last year, industry officials said Friday. The company reports its sales in U.S. dollars as a U.S.-listed company, while around 60 percent of its shares are owned by Korean internet giant Naver and roughly 24 percent are held by LY Corp., a joint venture between Naver and the Japanese multinational investment conglomerate SoftBank. Meanwhile, the company depends heavily on revenue from paid webtoons operated by its subsidiary Naver Webtoon, with Korea and Japan accounting for 88 percent of total sales. Under these circumstances, industry officials said sales in the fourth quarter are likely to decline from the previous quarter, as the won has weakened further against the dollar. According to the U.S. Securities and Exchange Commission, Webtoon Entertainment posted $378.04 million in third-quarter sales, calculated using an average exchange rate of 1,385.4 won per dollar. While sales rose 8.7 percent year-oWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times