India, Aug. 13 -- Shares of WEBTOON Entertainment Inc. (WBTN) surged 56% on Wednesday after the company posted improved second-quarter results and announced a major content partnership with Disney.
WBTN is currently trading at $14.65, up $5.29 or 56.55%, on the Nasdaq. The stock opened at $12.80, up sharply from Tuesday's close of $9.36. The company has traded between $6.75 and $15.69 in the past 52-week range. Trading volume spiked to 2.89 million shares, far above its daily average of about 300,000.
WEBTOON reported second-quarter revenue of $348.3 million, an 8.5% increase year-over-year, driven by gains in Paid Content, Advertising, and IP Adaptations. On a constant currency basis, revenue rose 5.5% to $338.7 million.
The company nar...