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 [email protected]
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