Seoul: Kakao Corp. on Thursday announced its third-quarter net income of 78.5 billion won (US$56 million), marking a 113 percent increase from the previous year. Operating income for the July-September period rose to 130.5 billion won, reflecting a 5 percent growth from the same period last year. However, sales experienced a decline of 4.5 percent, totaling 1.92 trillion won. According to Yonhap News Agency, the earnings reported by Kakao Corp. did not meet market expectations. Analysts had projected an average net profit of 94.6 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.