WEBTOON Entertainment Inc. shares plummeted 15.63% in after-hours trading following the release of its first-quarter financial results and a second-quarter revenue forecast that fell short of analyst expectations.

The digital comics platform reported a 1.5% year-over-year decline in Q1 revenue to $320.9 million, slightly missing estimates. While the company narrowed its net loss significantly and beat adjusted earnings per share expectations, investor focus shifted to its outlook for the current quarter.

WEBTOON expects Q2 revenue to be between $332 million and $342 million, representing growth of 1.7% to 4.6% on a constant currency basis. This guidance undershot the $348 million analysts had been projecting, according to FactSet. The company attributed the Q1 revenue decline primarily to a 23% drop in its IP adaptations business.