Kakao Q4 operating profit doubles amid leadership change

SEOUL -- South Korean internet giant Kakao's operating profit more than doubled in the fourth quarter of 2023 from the same period the year before, as the company's founder shakes up its leadership after a corruption scandal.

Kakao announced Thursday that its operating profit came in at 189 billion won ($142 million) for the three months through December, up 108.6% from a year earlier. Its revenue rose 23% to 2.2 trillion won during the same period.