[Featured stock] Kakao is strong on 3rd quarter performance and announcement of treasury stock cancellation plan

Kakao [035720] announced plans to buy back shares worth 150 billion won along with its third quarter performance, showing strong performance in the domestic stock market for the first time in a while on the 5th.

As of 9:29 a.m. on KOSPI today, Kakao is trading at 31,700 won, up 8.93%. At one point, it rose by 10.31%.

It is the first time in five months since June 1 (15.61%) that Kakao's stock price has risen more than 10% intraday. Recently, Kakao fell by more than 50% compared to the previous point (64,500 won) on February 27th.

Along with Kakao's third quarter earnings announcement, the shareholder return plan was also revealed, which appears to have increased investor expectations.

Kakao disclosed its third quarter performance before the market opened on this day and announced that sales and operating profit were KRW 2.0867 trillion and KRW 240.3 billion, respectively, up 6.3% and 7.4% from the same period last year.

At the same time, the Financial Supervisory Service announced that it plans to purchase and cancel 5,154,639 shares of common stock from the 6th to February 5th of next year. Based on the previous day's closing price of 29,100 won, the total amount is 150 billion won.