The Korea Herald

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Naver's Q3 profit spikes 69.5% on overseas sales increase

By 임정요

Published : Oct. 27, 2016 - 10:42

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South Korea's top Internet portal operator Naver Corp. said Thursday its net profit soared 69.5 percent from a year earlier in the third quarter as its sales reached a record high on growing sales from overseas and its mobile business.

In the three months ended Sept. 30, net profit came to 198 billion won ($174.1 million) on a consolidated basis, compared with a net profit of 116.85 billion won in the same period last year, the company said in a regulatory filing.

Sales jumped 20.5 percent on-year to 1.01 trillion won, breaching the 1 trillion-won mark for the first time in the company's history.

Operating profit surged 27.6 percent to 282.3 billion won.

The company attributed the sharp increase in sales and profit to a steady increase in overseas sales, which jumped 24.7 percent on-year to 370.7 billion won, accounting for 37 percent of the total.

Advertising income also spiked 27.7 percent to 749.5 billion won with overseas advertising revenue accounting for 21 percent of the total.

Sales from mobile platforms, such as smartphones, came to 650.2 billion won, with sales from advertisements and content serviced at desk top computers accounting for the remaining 36 percent of total sales.

"The company continued to expand its sales in the third quarter on its efforts to expand more content and strengthen its mobile platform business," Kim Sang-hun, chief executive of Naver, was quoted as saying. (Yonhap)