Flitto Cumulative Operating Profit for Q3 Reaches KRW 10.3 Billion, Up 89.7% Year Over Year
TECHWORLD ·
✦ AI Summary
Flitto said cumulative sales on a consolidated basis for the first nine months of the third quarter came to about KRW 31.1 billion, and operating profit was about KRW 10.3 billion.
Third-quarter standalone sales were about KRW 17.8 billion, operating profit was about KRW 9 billion, and the operating margin was 50.4%.
The improvement in performance was driven by growth in the AI translation and interpretation solution business, and Vogl surpassed 80,000 subscribers in the third quarter.
Flitto announced on the 20th that on a consolidated basis, cumulative sales for the first nine months of the third quarter rose 20.7% year over year to about KRW 31.1 billion, while cumulative operating profit for the same period increased 89.7% year over year to about KRW 10.3 billion.
Cumulative operating profit exceeded last year's full-year operating profit of about KRW 6.2 billion. Third-quarter standalone sales came to about KRW 17.8 billion, and standalone operating profit for the quarter reached about KRW 9 billion. The standalone operating margin for the third quarter was 50.4%.
The company attributed the improvement in performance to growth in its AI translation and interpretation solution business. Vogl, its real-time AI translation and interpretation solution, was rebranded into an integrated brand in September.
Vogl surpassed 80,000 subscribers in the third quarter, and the number of subscribers was about 14 times higher than at launch in the fourth quarter of last year. Vogl's supply channels expanded to events held by global IT companies such as Amazon Web Services (AWS) and AMD, as well as retail sites including Shinsegae Department Store and Olive Young. In September, it was also applied to simultaneous interpretation services for the Asian Games opening ceremony.
Flitto continues to win enterprise solution orders. On the 12th, Flitto signed a KRW 3.9 billion contract with a global semiconductor company to provide a solution. The contract is equivalent to about 10.8% of last year's consolidated sales.
Flitto is focusing on the supply of AI training data and enterprise AI translation and interpretation solutions as the pillars of its business expansion. It is also expanding the buildout of translation and interpretation systems tailored to the work environments of global companies.
Its existing data business is expanding into distribution and brokerage. Flitto opened a data marketplace in June, and the marketplace includes distribution and brokerage in addition to direct data sales. The scope of transactions is also expanding from text to multimodal and physical AI data.
Flitto plans to roll out large-scale data supply for global IT companies sequentially through the fourth quarter. The company said it plans to maintain its growth trajectory based on data deliveries, B2G business with the government, and AI solution revenue.
Flitto's management said that advance investment and accumulated capabilities are translating into current performance improvements and overseas results. Yoon Min-yong, Flitto's CFO, said proactive R&D investment is leading to improved results, and added that the goal is to continue growth in the fourth quarter and maintain a profitable trend in the fourth quarter. Lee Jung-soo, CEO of Flitto, said accumulated technological capabilities and the data business are translating into results in global markets.
Based on this, the company said it aims to maintain growth and profitability in the fourth quarter as well, while continuing to expand around Vogl and its data business. CEO Lee said the company plans to expand its business centered on the AI translation and interpretation solution Vogl, and that it will continue expanding around the data business.
Source: TECHWORLD · Kim Seung-gi
Original: https://www.epnc.co.kr/news/articleView.html?idxno=408473
References
This article was produced with the help of an automated content generation algorithm.
Source: TECHWORLD
View originalThis article was summarized and organized by BizCrush based on the original article from TECHWORLD. For exact quotations and full details, please refer to the original article.