Naver, 3Q operating profit of KRW 330.2 billion… 5.6% decrease compared to the previous year

Despite the growth of Never's sales such as advertising, shopping, fintech, and contents, Never recorded its 3Q operating profit, which was reduced year-on-year due to infrastructure investment and stock compensation costs such as IDC facilities.

Never announced on the 7th that it recorded sales of KRW 2.57 trillion and operating profit of KRW 3302 billion in 3Q. Revenue increased 19.1% YoY, but operating profit decreased 5.6%. The sales of each business division include ▲ search platform 896.2 billion won, commerce 458.3 billion won, fintech 296.2 billion won, content of 311 billion won, and cloud and other 94.8 billion won.

Search platforms grew 8.0% YoY to W896.2bn, down 1.0% Qom. Search advertisements showed growth over 10%year-on-year. Commerce recorded 19.4% Qom and 4.3% Qom, thanks to commerce advertising, brand stores, and membership subscribers.

In July-September, Never shopping transactions amounted to 10.5 trillion won. Fintech recorded 296.2 billion won, an increase of 22.5% from the third quarter of last year. Never Pay's payment amounted to 27.7% in a year and 1.2 trillion won, up 3.3% Qom.

The content recorded 77.3% compared to July-September last year and 3.9% Qom to W311.9bn. In the third quarter, global webtoon integrated transactions amounted to 18.1% year-on-year and 457 billion won, up 11.9% from the previous quarter. Cloud and others are 1.5% year-on-year and 9.6% decrease from the previous quarter.

Naver Choir Soo-yeon, CEO of Never, said, More efficient organizations such as the acquisition of FOCs Mark, new advertisements, Never arrival security solutions, open talks and Shook, and other new growth engines, and integration of B2B business organizations. We will continue to grow by expanding synergy between business areas through operation, pioneering new markets, and continuing to grow.

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