Naver’s net profit down 28.3% in third quarter

Tech

Published: 07 Nov. 2022, 09:42 Updated: 07 Nov. 2022, 10:02

Naver’s net profit down 28.3% in third quarter

Naver headquarters building in Seongnam, Gyeonggi [NEWS1]

Naver reported net profit of 231.6 billion won ($164.1 million) for the third quarter, down 28.3 percent on year.

The figure fell short of the analyst consensus of 245.3 billion won, compiled by FnGuide.

Operating profit came in at 330.2 billion won, down 5.6 percent, above the expectation of 326.2 billion won.

Sales rose 19.1 percent to 2.06 trillion won, slightly missing the consensus of 2.08 trillion won.

“Naver logged a stable performance in the third quarter as well, based on the diversified portfolio that we have been establishing so far,” said Naver CEO Choi Soo-yeon.

“Naver will continue to look for diverse, new growth engines […] and enhance the synergy between our businesses through efficient organization management, such as integration of business-to-business divisions.”

Naver acquired PoshMark, a U.S. online fashion commerce service, for $1.6 billion in October.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]