By Kwanwoo Jun
Naver Corp.'s net profit more than tripled in the second quarter from a year earlier thanks to solid growth in e-commerce and other expanding online businesses.
Net profit for the quarter ended June 30 was 90.70 billion Korean won ($76.2 million) compared with net profit of KRW27.80 billion in the same quarter a year earlier, the South Korean internet group said Thursday. It missed a FactSet consensus forecast for net profit of KRW167.31 billion.
Revenue during the quarter rose 17% on year to KRW1.903 trillion, while operating profit gained 80% on year to KRW230.60 billion.
Naver said the solid quarterly results were driven by the surging demand for online shopping and its expansion of online advertisements, paid-content and other business platforms.
Write to Kwanwoo Jun at email@example.com
Corrections & Amplifications
This article was corrected at 0019 GMT to reflect that Naver posted net profit in 2Q. The original version incorrectly said the company posted a loss.