Naver Second-Quarter Net Profit Rises 16%
By Kwanwoo Jun
South Korean internet giant Naver reported a 16% rise in second-quarter net profit on accelerating earnings growth in its core online-advertising business.
Net profit for the quarter was 332.10 billion won, equivalent to $241.7 million, compared with 286.70 billion won a year earlier, the internet-platform company said Friday.
That beat a FactSet-compiled consensus forecast of 318.30 billion won in net profit.
Revenue for the period increased 8.4%, to 2.611 trillion won, and operating profit climbed 27%, to 472.70 billion won.
The strong quarterly results came as the company's flagship search-platform advertising business grew 7.5% on the year and 8.1% on the quarter for the second quarter, faster than the prior quarter, offsetting sluggishness in other segments.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
August 08, 2024 19:34 ET (23:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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