Platform revenue decline stops, but SOOP operating profit falls 40% amid surging costs

SOOP’s second-quarter consolidated revenue fell to 103.8 billion won, while operating profit dropped 40.5% to 12.6 billion won.

Platform revenue edged up 0.1% quarter over quarter, ending four straight quarters of decline, helped by gift-economy and subscription growth.

However, ad revenue fell by more than 11%, and higher streamer support payments and commissions weighed on costs.

Investors are watching whether platform revenue has bottomed and if the company’s second-half ad and traffic strategy can restore profitability.