Q2 Revenue 1.9025 Trillion KRW... Naver's 'Untact Surprise' (Comprehensive)
Record-Breaking Performance Again in Q1
Operating Profit Up 79.7% Year-on-Year to 230.6 Billion Won
[Asia Economy Reporter Jin-gyu Lee] Naver achieved an 'untact surprise' by recording its highest-ever performance in the second quarter of this year. Due to the prolonged COVID-19 pandemic, demand for non-face-to-face (untact) services surged, breaking all previous records.
On the 30th, Naver announced that it recorded sales of 1.9025 trillion KRW and an operating profit of 230.6 billion KRW in the second quarter. This surpassed the previous quarterly record set in the first quarter (sales of 1.7321 trillion KRW, operating profit of 221.5 billion KRW). Compared to the same period last year, sales increased by 16.7% and operating profit by 79.7%, from 1.6303 trillion KRW and 128.3 billion KRW respectively.
This was thanks to increased demand in e-commerce, including Naver Shopping, and strong performance in the content sector such as webtoons. Naver explained, "Due to the prolonged COVID-19 situation, outdoor activities decreased, while the use of online services via PC or smartphones increased."
By sector, the business platform centered on Naver Shopping and shopping search advertisements achieved 777.2 billion KRW, an 8.6% increase compared to the same period last year. The IT platform, including Naver Pay, recorded 180.2 billion KRW, growing 70.2% year-on-year, driven by increased payment amounts. Advertising revenue reached 174.7 billion KRW, a 4.9% increase from the previous year despite the impact of COVID-19. The content sector recorded 79.6 billion KRW, a 58.9% increase year-on-year, supported by the growth of Naver Webtoon, which surpassed 64 million global monthly active users (MAU).
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Han Seong-sook, CEO of Naver, stated, "The recovery of online marketing demand, expansion of new advertisements, and various efforts to strengthen the commerce ecosystem positively contributed, allowing us to maintain growth in the second quarter."
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