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Webtoon: Q1 Earnings Snapshot

LOS ANGELES (AP) — LOS ANGELES (AP) — Webtoon Entertainment Inc. (WBTN) on Monday reported a loss of $9.5 million in its first quarter.

The Los Angeles-based company said it had a loss of 7 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 7 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.

The online storytelling platform for comics and cartoons posted revenue of $320.9 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $321.6 million.

For the current quarter ending in June, Webtoon said it expects revenue in the range of $332 million to $342 million.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WBTN at https://www.zacks.com/ap/WBTN

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