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SEOUL — South Korean internet conglomerate Kakao, which acquired K-pop agency SM Entertainment earlier this year, is rushing to expand its entertainment business overseas amid dwindling earnings in its mainstay domestic advertising operations.
Group revenue for the April-June quarter increased 12% on the year to about 2.04 trillion won ($1.57 billion), while operating profit plunged 34% to 113.5 billion won, the fourth consecutive quarter of declining profits.
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