Why Webtoon Entertainment Stock Nearly Doubled Today
Shares of Webtoon Entertainment (NASDAQ: WBTN) soared to a 52-week high on Wednesday. Powered by a strong earnings report and an unexpected Walt Disney (NYSE: DIS) partnership, Webtoon's shares had gained 93% as of 11:40 a.m. ET -- and the chart is still trending upward as of this writing.
Let's start with the financial filings. The average Wall Street firm had expected second-quarter earnings of roughly $0.02 per share, with top-line revenue near $341 million. The mobile webcomics specialist posted adjusted earnings of $0.07 per share instead, based on $348 million of revenues. That's a clean sweep, also exceeding the top end of management's guidance ranges for this period.
But the bigger news came from the House of Mouse. Besides the earnings report, Webtoon also announced a brand new Disney deal. This contract adds a selection of Disney, Marvel, 20th Century Fox, and Star Wars content on the Webtoon platform.
Source Fool.com
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