Naver's Fourth-Quarter Profit More Than Doubled
By Kwanwoo Jun
Naver's net profit more than doubled from a year earlier in the fourth quarter of 2023 on solid growth in its e-commerce and fintech businesses.
Net profit for the quarter was 301.80 billion won ($227.0 million), compared with KRW131.80 billion in the same quarter a year earlier, the South Korean internet platform giant said Friday.
The quarterly result marked solid earnings growth, but was below a FactSet-compiled consensus forecast for net profit of KRW357.92 billion.
Revenue rose 12% to KRW2.537 trillion, while operating profit jumped 21% to KRW405.50 billion.
The company said revenue from its e-commerce and fintech businesses jumped 36% and 11%, respectively, for the final quarter of 2023.
However, revenue from its search-platform business rose just 1.3% for the quarter due to sluggish advertising markets in the country.
For the full year, revenue rose 18% to an annual record of KRW9.671 trillion. Operating profit gained 14% to KRW1.489 trillion and net profit climbed 47% to KRW988.40 billion.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
February 01, 2024 19:36 ET (00:36 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks