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.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool