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(LEAD) Naver's Q3 net up nearly 40 pct on pandemic-driven biz

All News 08:35 October 21, 2021

(ATTN: RECASTS throughout with details; CHANGES headline; ADDS byline, photo)
By Kim Han-joo

SEOUL, Oct. 21 (Yonhap) -- Naver Corp. said Thursday its net profit jumped 37.1 percent in the third quarter from a year earlier largely due to a stellar performance of its content businesses amid the new coronavirus pandemic.

Net profit reached 322.7 billion won (US$274.8 million) in the July-September period, compared with a profit of 235.3 billion won a year earlier, South Korea's top internet portal operator said in a press release.

Operating income reached a quarterly high of 349.8 billion won during the cited period, marking an increase of 19.9 percent from the year before.

Sales also stood at a record high of 1.72 trillion won, representing a 26.9 percent increase from a year earlier, Naver said.

This undated photo provided by Naver Corp. shows the company's headquarters. (PHOTO NOT FOR SALE) (Yonhap)

This undated photo provided by Naver Corp. shows the company's headquarters. (PHOTO NOT FOR SALE) (Yonhap)

Content sales skyrocketed 60.2 on-year to 184.1 billion won due to robust demand for its webtoons and an increase in global users, it said.

Revenue from its commerce business jumped 33.2 percent on-year in the third quarter on the back of increased online shopping as more people refrained from going outside amid the COVID-19 pandemic.

The transaction amount of Naver's 550 online stores operated by major brands tripled during the just-ended quarter, Naver said.

Fintech revenues jumped 38.9 percent on-year to 241.7 billion won during the cited period, Naver said. The transaction amount of Naver Pay also jumped by 38 percent on-year to 9.8 trillion won.

Naver said revenue from its platform business, including its messenger Line, increased 16.2 percent on-year to 824.9 billion won over the cited period.


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