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)
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