Naver records USD 874 million in quarterly sales

At a 3rd quarter earnings release of major domestic companies on Thursday, Internet content service operator Naver has recorded 1 trillion Korean won (approx. 873.7 million U.S. dollars) in quarterly sales with favorable trend in its operating profits. On the other hand, traditional manufacturers such as Kia Motors have shown underperformance due to global economic recession.

According to Naver, the company saw 1.013 trillion won (approx. 884.6 million dollars) in sales of the third quarter, an increase of 20.5 percent quarter-on-quarter. Thanks in large part to successive market landing of its subsidies and the growth of mobile advertisement, the portal has opened its era of 1 trillion won sales for the first time since its infancy. Its operating profit reached some 282.3 billion won (approx. 246.6 million dollars), 27.6 percent up from the same period last year.

Overseas sales have grown 24.7 percent to 370.7 billion won (approx. 323.7 million dollars), accounting for 37 percent of its entire sales. Its advertisement sales have risen 27.7 percent to 749.5 billion won (approx. 654.5 million dollars) quarter on quarter.

"I have been working on how to better lead the company with Naver President Kim Sang-heon and the management, which will soon be presented at a separate announcement," said Naver’s Vice President Han Seong-suk on her first official appearance since the appointment as the CEO.

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