Shares of WEBTOON Entertainment Inc. (WBTN) surged 56% on Wednesday after the company posted improved second-quarter results and announced a major content partnership with Disney.
WBTN is currently trading at $14.65, up $5.29 or 56.55%, on the Nasdaq. The stock opened at $12.80, up sharply from Tuesday's close of $9.36. The company has traded between $6.75 and $15.69 in the past 52-week range. Trading volume spiked to 2.89 million shares, far above its daily average of about 300,000.
WEBTOON reported second-quarter revenue of $348.3 million, an 8.5% increase year-over-year, driven by gains in Paid Content, Advertising, and IP Adaptations. On a constant currency basis, revenue rose 5.5% to $338.7 million.
The company narrowed its net loss to $3.9 million from $76.6 million a year earlier, citing reduced general and administrative expenses following its IPO last year. Loss per share improved to $0.03 from $0.70.
Looking forward to the third quarter, WEBTOON forecasts constant-currency revenue growth of 9.4% to 12.2%, which represents $380 million to $390 million.
Separately, WEBTOON announced a strategic partnership with Disney to adapt popular franchises, including Marvel, Star Wars, Disney Studios, and 20th Century Studios, into its mobile vertical-scroll comic format.
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