10 Best Tech Stocks to Invest In On the Dip

3. WEBTOON Entertainment Inc. (NASDAQ:WBTN)

Share Price: $12.03

Year-To-Date Performance: -47.70%

Analyst Upside Potential: 91.38%

WEBTOON Entertainment Inc. (NASDAQ:WBTN) operates a leading global storytelling platform that connects creators and users through a diverse range of digital content, primarily in the form of web comics and web novels. The platform was launched by Naver Corporation and has grown to host millions of creators and engage a vast audience worldwide.

The company operates in over 150 countries, with a significant portion of its monthly active users coming from outside its primary markets, which include South Korea, Japan, and North America. The platform has more than 24 million creators and is used by around 170 million monthly active users.

On November 15, WEBTOON Entertainment Inc. (NASDAQ:WBTN) announced the launching a new Online Retail WEBTOON Shop for Webcomic merchandise. This will not only help the company increase engagement for its digital platform but will also add a new revenue stream from the direct-to-consumer merchandise market.

In its recent financial report for the third quarter of fiscal 2024, WEBTOON Entertainment Inc. (NASDAQ:WBTN) highlighted several key achievements that reflect its growth and profitability. It reported total revenue of $347.9 million, marking a 9.5% increase compared to the same period last year. This growth was primarily driven by strong performance in Paid Content and Advertising. Moreover, the company also achieved a net income of $20 million, a significant turnaround from previous losses. This improvement was attributed to better gross profit margins, increased interest income from cash assets, and favorable tax benefits.