Seoul: Naver announced its first-quarter net income results on Thursday, revealing a 31.3 percent decrease to 291 billion won (US$195.9 million) compared to the previous year.
According to Yonhap News Agency, despite the drop in net income, Naver’s operating income for the January-March period increased by 7.2 percent year-on-year, reaching 541.8 billion won. The company’s revenue also saw a rise of 16.3 percent, totaling 3.24 trillion won.
The earnings report did not meet market expectations, as analysts had projected an average net profit of 513.7 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency.