Naver posts all-time high quarterly earnings in Q2

Naver’s headquarters in Seongnam, south of Seoul. (Yonhap)
South Korea‘s top internet portal operator Naver reached all-time highs in the second quarter this year, backed by improved performances of the company’s new businesses.

According to Naver, the company’s sales in the April-June period reached 1.66 trillion won ($1.44 billion), increasing 30.4 percent from 1.2 trillion won from a year earlier.

In the second quarter last year, Naver’s sales totaled around 1.9 trillion won, but 680 billion won of the total sales was from Line and other businesses.

The portal giant’s operating profit stood at 335.6 billion won during the three-month period, up 8.9 percent from the year earlier, which marked the largest quarterly figure for the company.

According to Naver, sales from the company’s e-commerce, financial technology, content and cloud businesses in particular have grown to account for more than 50 percent of its combined sales, for the first time in the company’s history.

Previously, Naver’s sales were mainly dependent on its flagship search platform business.

By business, sales from the company’s flagship search platform, which covers its ads business, increased 21.8 percent on-year to reach at 826 billion won in the second quarter.

Sales of Naver’s e-commerce business posted a 42.6 percent on-year increase to reach 365.3 billion won, backed by improved shopping transactions.

Sales of the company’s fintech business went up 41.2 percent to 232.6 billion won in the second quarter. The transaction amount of Naver Pay soared 47 percent to 9.1 trillion won during the same period.

Naver’s cloud business advanced 48.1 percent to 94.9 billion won in sales. Naver said it will soon begin to test the firm’s latest AI tool HyperCLOVA and a cloud-based robot solution, which are expected to help further increase the cloud business sales in the future.

Content sales increased 28.2 percent during the three months, to 144.8 billion won, compared to the same period last year. The sales growth is attributable to an improvement in the webtoon business, which posted a 53 percent sales growth in the second quarter.

Naver said the company will continue to expand its investments in storytelling platforms and leverage their intellectual properties.

Naver CEO Han Seong-sook said the company will utilize a fund valued at 100 billion won forged to accelerate business projects at Wattpad Webtoon Studios, an alliance of the two content units’ studios, launched in June.

By Shim Woo-hyun (ws@heraldcorp.com)


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

NEWS RELATED

Intel and Qualcomm to join forces to leverage Intel's Foundry Services for future Qualcomm chips

Qualcomm has been announced as the first major customer for Intel’s new Foundry Services business. Qualcomm’s Snapdragon chips are responsible for powering most major Android devices and the new partnership means that Qualcomm will source its chips from Intel in the coming years using Intel’s upcoming 20A process technology. The…

Read more: Intel and Qualcomm to join forces to leverage Intel's Foundry Services for future Qualcomm chips

Axio Biosolutions raises $6 million in funding led by Truescale Capital

Medical technology company Axio Biosolutions on Tuesday said it has raised $6 million (about Rs 45 crore) in a funding round led by Truescale Capital. Existing investors Omidyar Network India, University of California-Ratan Tata Fund, and Accel also participated in the funding round, the company said in a statement. It…

Read more: Axio Biosolutions raises $6 million in funding led by Truescale Capital

Google says it will take legal action over expanded version of Germany's hate-speech law

Google said on Tuesday that it was taking legal action over an expanded version of Germany‘s hate-speech law that recently took effect, saying its provisions violated the right to privacy of its users. The Alphabet unit, which runs video-sharing site YouTube, filed suit at the administrative court in Cologne to…

Read more: Google says it will take legal action over expanded version of Germany's hate-speech law

NASA's Hubble telescope finds first evidence of water vapour on Jupiter's moon Ganymede

Astronomers re-examined Hubble observations from the last two decades to find this evidence of water vapour. Astronomers have uncovered the first evidence of water vapour in the atmosphere of Jupiter's moon Ganymede by using new and archival datasets from NASA‘s Hubble Space Telescope. According to the study published in the…

Read more: NASA's Hubble telescope finds first evidence of water vapour on Jupiter's moon Ganymede

Amazon-backed Wiliot raises $200 million in investment

Wiliot, a technology company backed by Amazon Web Services and Qualcomm Inc, said on Tuesday it raised $200 million in a funding round led by SoftBank Vision Fund 2. The company, which makes chips that can be embedded on product packaging to help track items during their manufacturing, shipping, and…

Read more: Amazon-backed Wiliot raises $200 million in investment

Assassins Creed Valhalla's new DLC gets release date

The Siege of Paris DLC for Assassins Creed Valhalla now has a release date. Eivor’s new adventure will begin on August 12 and will allow players to take part in one of the most famous battles in history. The actual Siege of Paris happened in 845 when a fleet of…

Read more: Assassins Creed Valhalla's new DLC gets release date

Ola CEO 'strongly disagrees' with Tesla, Hyundai on import duties

Ola CEO Bhavish Aggarwal said on Tuesday that he “strongly disagreed” with the views of Tesla and Hyundai on lower import duties for electric vehicles in India. He said India should have confidence in its ability to build electric vehicles indigenously while also attracting global manufacturers. Earlier on Tuesday, Hormazd…

Read more: Ola CEO 'strongly disagrees' with Tesla, Hyundai on import duties

Grocery delivery giant Instacart taps Israel’s Fabric for automated fulfillment

Founded in 2015, Fabric develops micro-fulfillment centers as a logistics solution to combat the challenge of slow and expensive manual fulfillment centers.

Read more: Grocery delivery giant Instacart taps Israel’s Fabric for automated fulfillment

Vodafone Idea users, this KYC SMS can be dangerous

Xbox Series X restock could happen in India soon

Google to offer 600 more vocational training places for S'pore residents

Pakistan’s Dastgyr raises USD 3.5 million seed for its B2B e-commerce marketplace

Vivo Partners With Dada to Deliver Phones in Under an Hour

Samsung Galaxy Z Fold 3 to come with S Pen support, confirms company

Google, Facebook set to squash initial iOS fears, show big revenue jump

Logitech sales rise 66% on higher demand amid work-from-home activity

OTHER NEWS