Naver's Fourth-Quarter Profit More Than Doubled
By Kwanwoo Jun
Naver's net profit more than doubled from a year earlier in the fourth quarter of 2023 on solid growth in its e-commerce and fintech businesses.
Net profit for the quarter was 301.80 billion won ($227.0 million), compared with KRW131.80 billion in the same quarter a year earlier, the South Korean internet platform giant said Friday.
The quarterly result marked solid earnings growth, but was below a FactSet-compiled consensus forecast for net profit of KRW357.92 billion.
Revenue rose 12% to KRW2.537 trillion, while operating profit jumped 21% to KRW405.50 billion.
The company said revenue from its e-commerce and fintech businesses jumped 36% and 11%, respectively, for the final quarter of 2023.
However, revenue from its search-platform business rose just 1.3% for the quarter due to sluggish advertising markets in the country.
For the full year, revenue rose 18% to an annual record of KRW9.671 trillion. Operating profit gained 14% to KRW1.489 trillion and net profit climbed 47% to KRW988.40 billion.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
February 01, 2024 19:36 ET (00:36 GMT)
Copyright (c) 2024 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