Naver's Second-Quarter Net Profit Surged Nearly Six-Fold

By Kwanwoo Jun

Naver Corp.'s second-quarter net profit surged nearly six-fold from a year earlier, driven by solid growth in nearly all of its online business platforms including e-commerce.

Net profit for the quarter ended June 30 was 540.60 billion Korean won ($470.3 million) compared with net profit of KRW90.70 billion in the same quarter a year earlier, the South Korean internet group said Thursday. That beat a FactSet-compiled consensus forecast for net profit of KRW316.44 billion.

Revenue during the quarter rose 30% on year to KRW1.664 trillion, while operating profit gained 8.9% on year to KRW335.60 billion.

Naver said the above-consensus quarterly results were led by strong growth in its business platforms of online shopping, fintech services, advertisement based on web searches and paid content.

Write to Kwanwoo Jun at [e-mail]

(END) Dow Jones Newswires

07-21-21 1912ET