하이브, 1분기 영업손실 1966억…적자전환

HYBE posted a Q1 operating loss of ₩196.6 billion despite strong 39.5% revenue growth to ₩698.3 billion, primarily due to a one-time ₩255 billion employee stock grant charge. When excluding this non-cash accounting expense, adjusted operating profit surged 170.8% year-over-year, indicating underlying business strength masked by compensation accounting. This reveals the disconnect between operational performance and reported profitability in entertainment companies managing large artist portfolios.