Naver posts Q3 gains from mobile platforms

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Naver posts Q3 gains from mobile platforms

The country’s top search engine operator, Naver, has surpassed 1 trillion won ($877 million) in quarterly revenue for the first time, thanks largely to the overseas success of its messaging app Line and soaring revenue from its mobile advertisement business.

According to the company’s third-quarter report released Thursday, Naver made 1.01 trillion won in revenue, an increase of 20.5 percent from last year. Operating profit went up 27.6 percent to 282.3 billion won, while net profit jumped 69.5 percent to 198 billion won.

The most recent report shows Naver’s business portfolio is evolving. Although it started out primarily as a search engine, the percentage of revenue from its PC platform was 36 percent, while its mobile platform made up 64 percent. Revenue from advertising overall made up the biggest portion of Naver’s total revenue, at 74 percent.

“We’re glad the company’s constant efforts to develop new platforms and content saw progress in the third quarter,” CEO Kim Sang-hun said during a conference call announcing the quarterly results. “Our next goal is to expand influence overseas by opening new partnerships and developing human resources worldwide.”

Sales from abroad are making up an increasingly large part of Naver’s revenue. During Q3, the company made 371 billion won overseas, accounting for 37 percent of revenue and marking a 24.7 percent increase from last year.

On Oct. 20, CEO Kim and Chairman Lee Hae-jin announced they would step down from their positions in March to focus on building Naver’s operations in Europe.

Following a positive quarterly report, Naver’s stock advanced 1.3 percent from the previous trading day to close at 859,000 won on Thursday.

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