Naver Reports Q3 Operating Profit of 330.2 Billion KRW, Down 5.6% YoY (Update)
[Asia Economy Reporter Yuri Choi] Naver announced on the 7th that it recorded consolidated sales of 2.0573 trillion KRW and operating profit of 330.2 billion KRW in the third quarter of this year. Sales increased by 19.1% compared to the same period last year, while operating profit decreased by 5.6%. The operating profit margin was 16.1%.
Sales by business segment were ▲ Search Platform 896.2 billion KRW ▲ Commerce 458.3 billion KRW ▲ Fintech 296.2 billion KRW ▲ Content 311.9 billion KRW ▲ Cloud and Others 94.8 billion KRW.
The Search Platform recorded 896.2 billion KRW, growing 8.0% year-on-year but decreasing 1.0% quarter-on-quarter. Search advertising showed solid growth exceeding 10% compared to the same period last year.
Commerce recorded 458.3 billion KRW, supported by commerce advertising, brand stores, and an increase in membership subscribers. This represents a 19.4% increase year-on-year and a 4.3% increase quarter-on-quarter. Naver Shopping's transaction volume in Q3 was 10.5 trillion KRW.
Fintech recorded 296.2 billion KRW, growing 22.5% year-on-year and 0.2% quarter-on-quarter. Naver Pay's payment amount in Q3 was 12.4 trillion KRW, up 27.7% year-on-year and 3.3% quarter-on-quarter.
Content recorded 311.9 billion KRW, increasing 77.3% year-on-year and 3.9% quarter-on-quarter. The global webtoon integrated transaction volume in Q3 was 457 billion KRW, growing 18.1% year-on-year and 11.9% quarter-on-quarter.
Cloud and Others recorded 94.8 billion KRW, down 1.5% year-on-year and 9.6% quarter-on-quarter.
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Choi Soo-yeon, CEO of Naver, said, "Based on the diversified portfolio we have built so far, we recorded stable performance in the third quarter as well. Naver will continue its growth by constantly pioneering new markets through expanding synergies among business areas via more efficient organizational operations such as integrating B2B business units, and by discovering various new growth engines including the recently announced acquisition of Poshmark, new advertising products, Naver Arrival Guarantee Solution, OpenTalk, and IssueTalk."
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