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    Singer, actor Lee Seung-gi to marry actor Lee Da-in on April 7

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    K-pop girl group Billlie to release new EP in March

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    Seventeen subunit BSS sells nearly half million copies of single ‘Second Wind’

    Ex-gov’t employee summarily indicted for alleged attempt to sell Jungkook’s lost hat

    Ex-gov’t employee summarily indicted for alleged attempt to sell Jungkook’s lost hat

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    BTS leaves Grammys empty-handed third year in a row

    Final member of YG girl group BabyMonster revealed

    Final member of YG girl group BabyMonster revealed

    Tomorrow X Together tops Billboard 200 albums chart with latest EP

    Tomorrow X Together tops Billboard 200 albums chart with latest EP

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Wemade reports massive loss in third quarter, misses expectations

J by J
October 26, 2022
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Wemade reports massive loss in third quarter, misses expectations
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Wemade reports massive loss in third quarter, misses expectations

 
Wemade reported an 88.5-billion-won ($61.8 million) net loss in the third quarter, a far worse result than was forecast by analysts.
 
It is the gaming and cryptocurrency company’s second consecutive quarterly loss.
 
The market had been looking for a 3.1 billion won net loss, according to FnGuide.
 
Wemade blamed the falling value of equity investments, though it also reported a deep operating loss, indicating weakness in its core business of gaming.
 
In the third quarter, it booked a 63.1 billion won financial loss due mostly to the falling value of investments booked by the equity method, such as Kosdaq-listed Vidente, which is down more than 90 percent from its 52-week high.
 
Revenue and operating loss were also below analyst forecasts.
 
The publisher posted 108.3 billion won in revenue during the July-to-September period, up 71 percent on year. The operating loss was 28 billion won, compared with a 17.4 billion won operating profit in the year-earlier period.
 
Wemade’s stock rose more than 10 percent after reporting the results, though it is still down 71 percent year to date. The company’s Wemix cryptocurrency is down more than 90 percent from its all-time high, reached at the end of 2021.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]

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