Seoul: Kakao Corp. on Thursday reported its first-quarter net income of 190.9 billion won (US$137.2 million), marking a rise of 182.1 percent from the same period last year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that it achieved an operating profit of 105.4 billion won for the quarter, which is a decrease compared to 120.3 billion won reported a year ago. Despite the decline in operating profit, the company's sales stood at 1.86 trillion won, reflecting a 6.3 percent drop.

The company's earnings surpassed market expectations, with analysts' average net profit estimate pegged at 86.5 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.