Naver Corp. Reports Strong Second-Quarter Results
Naver Corp., the South Korean internet platform giant, has released its financial results for the second quarter. The key highlights are as follows:
Net Profit Soars
Naver's net profit for the April-June period reached 286.70 billion won ($220.4 million), marking an impressive 81% year-on-year increase.
Revenue Growth
The company's revenue during the quarter climbed 18% to KRW2.408 trillion, while operating profit grew by 11% to KRW372.70 billion.
Consensus Beat
Naver's quarterly net profit surpassed the FactSet-compiled consensus forecast of KRW257.06 billion, making it an excellent performance. Additionally, the company achieved a record high operating profit in the second quarter.
Diverse Growth Opportunities
Naver experienced significant growth in its e-commerce, content-business, and fintech segments. The solid performance reflects a recovering advertising market in South Korea, with sales of search-platform advertisements growing year-on-year. However, display-ads sales declined compared to the previous year.
Unveiling AI Innovations
On August 24, Naver plans to unveil its new artificial-intelligence model, HyperCLOVA X, designed specifically for Korean language services. Analysts anticipate that Naver's focus on AI will contribute to its long-term growth.
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