Naver (CEO Han Seong-sook) showed record-high performance in the third quarter of this year, with all business sectors, including advertising, commerce, and content, growing evenly.
Naver announced on the 21st that its operating profit in the third quarter of this year, based on consolidated financial statements, was provisionally calculated to be KRW 349.8 billion, a 19.9% increase from the same period last year. During the same period, sales increased by 26.9% to KRW 1.7273 trillion, and net profit increased by 37.1% to KRW 322.7 billion.
Naver’s third quarter operating profit and sales are both record highs. Previously, in the second quarter performance announcement, sales reached KRW 1.6635 trillion, an all-time high, and the record was broken again in just one quarter. As a result, quarterly sales growth continued for six consecutive quarters.
Sales by business division are ▲Search platform KRW 824.9 billion ▲Commerce KRW 380.3 billion ▲Fintech KRW 241.7 billion ▲Content KRW 184.1 billion ▲Cloud KRW 96.2 billion. In the third quarter, the sales proportion of four new businesses excluding the search platform also exceeded half. Previously, the sales proportion of four new businesses in the second quarter exceeded 50% for the first time.
Naver analyzed that its search platform grew by 16.2% compared to the same period last year due to improvements in search technology and the growth of performance-based advertising.
Commerce increased by 33.2% compared to the same period last year thanks to the growth of Shopping Live, Brand Store, and Smart Store, and FinTech increased by 38.9% due to growth through expansion of external partnerships. Content grew by 60.2% and cloud grew by 26.2% due to the growth of global businesses such as webtoons and snow.
Naver CEO Han Seong-sook said, “The third quarter was a quarter in which Naver’s competitiveness stood out even more based on building a win-win ecosystem that grows together with users, creators, brands, and partners and preemptive investment in technology.” He added, “Webtoon’s global IP (intellectual property rights) recently stood out.” ) New global challenges are underway, such as strengthening collaboration and entering the smart store market in Japan, and we plan to continue to grow even more globally in the future.”
Source: Pangyo Techno Valley Official Newsroom
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