Naver Third-Quarter Net Profit Rises 54% on Year
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 kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
November 02, 2023 20:04 ET (00:04 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth