Naver 3Q Rev KRW2.445T Vs. KRW2.057T >035420.SE

By Kwanwoo Jun


Naver third-quarter net profit rose 54% from a year earlier, led by strong growth in its e-commerce, paid-content and cloud-computing businesses.

Net profit for the quarter ended September was 356.20 billion Korean won ($266.9 million) compared with net profit of KRW231.60 billion in the same quarter a year ago, the South Korean internet platform group said Friday.

That beat a FactSet-compiled consensus forecast for net profit of KRW288.94 billion.

Revenue during the quarter rose 19% from a year earlier to KRW2.445 trillion, with operating profit gaining 15% year-over-year to KRW380.20 billion.

The company said its e-commerce, paid-content and cloud-computing units drove the strong quarterly revenue growth. Those segments grew a pace of 30% to 41% from a year earlier in the quarter.

Search-platform advertisements edged up 3.5% while display advertisements declined 9.5% in the quarter, compared with a year ago, amid weakness in the online advertising market, it said.


Write to Kwanwoo Jun at [email protected]


Read the full article here