By Kwanwoo Jun
Naver Corp. reported first-quarter results on Thursday. Here's what you need to know:
NET PROFIT: The South Korean internet group's net profit for the quarter ended March 31 was 15.315 trillion won ($13.80 billion) compared with net profit of KRW134.90 billion in the same quarter a year earlier.
REVENUE: Revenue during the quarter rose 30% to KRW1.499 trillion, while operating profit fell 1.0% to KRW288.80 billion.
WHAT WE WATCHED:
--BEAT CONSENSUS: Naver attributed its net-profit surge to an earnings recognition on its accounting book following a merger between its messaging-app affiliate Line and Yahoo Japan's parent, Z Holdings. Net profit was way above a FactSet consensus forecast for net profit of KRW254.54 billion.
--ONLINE SHOPPING: Growth remained solid in its e-commerce, online-payment and paid-content segments as pandemic-induced demand for internet-based shopping and other activities continued, the company said.
--COSTS: Increasing labor and business costs, however, weakened Naver's quarterly operating profit.
Write to Kwanwoo Jun at email@example.com
(END) Dow Jones Newswires
April 28, 2021 22:51 ET (02:51 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.