HYBE revenue soared to an all time high of $1.65bn in 2024, but operating profit dropped 37.5% YoY

K-pop giant HYBE has reported all-time record high revenue for 2024, but the company swung to a net loss amid rising costs and weakness in its recorded music segment.

In its latest earnings report, HYBE recorded revenues of KRW 2.2545 trillion, or USD $1.654 billion at the average exchange rate for 2024. That was up by 3.5% year-on-year.

It was the third year in a row that HYBE’s revenues exceeded $1 billion and the second year in a row above the KRW 2 trillion mark.

However, operating profit dropped 37.5% YoY to KRW 184.82 billion ($135.55 million), and the company swung to a net loss of KRW 3.38 billion ($2.48 million), compared to a net profit of KRW 183.45 billion in 2023.

Operating expenses jumped 9.9% YoY to KRW 2.069 trillion ($1.518 billion)… (MBW)