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[Alpha Biz=(Chicago) Reporter Paul Lee] Naver announced on the 5th that it recorded 2.4453 trillion won in sales, 380.2 billion won in operating profit and 356.2 billion won in net profit in the third quarter of 2023, respectively.
Consolidated sales in the third quarter rose 18.9 percent on-year and 1.6 percent on-quarter to 2.4453 trillion won. It is 550.6 billion won, up 18.7% from a year earlier and 6.9% from the previous quarter. Consolidated operating profit rose 15.1 percent on-year and 2.0 percent on-quarter to 380.2 billion won.
Sales by business sector are 898.5 billion won for search platforms, 647.4 billion won for commerce, 340.8 billion won for fintech, 434.9 billion won for content and 123.6 billion won for the cloud.
The search platform rose 0.3% year-on-year to 898.5 billion won, down 1.3% from the previous quarter. Search ads increased 3.5% year-on-year due to continued platform advancement efforts and media potential, making it the only one of the world's leading advertising platforms to grow steadily every quarter.
Commerce recorded 647.4 billion won, up 41.3% year-on-year and 2.3% quarter-on-quarter. In particular, Naver explained that it grew 14.7% compared to the same period last year even when the effect of the inclusion of the forkmark was excluded. It recorded a performance that exceeded the average growth of the domestic commerce market. Brokerage and sales sales more than doubled year-on-year due to the growth in transaction volume of brand stores, trips and KREAMs and the inclusion of the forkmark.
PinTech rose 15.1% year-on-year and 0.3% quarter-on-quarter to 340.8 billion won. In the third quarter, Naver Pay payments amounted to 15.2 trillion won, up 22.5% from a year earlier and 4.4% from the previous quarter. Among them, external payments grew 45.8% year-on-year, and offline payments also doubled year-on-year to 1.7 trillion won due to the addition of Samsung Pay MST payment functions and growth in reservation and order payments.
Content grew 39.5% year-on-year to 434.9 billion won, up 3.5% from the previous quarter. The combined global webtoon transaction amount is 479.4 billion won, up 5% from a year earlier and 9% from the previous quarter. Snow also grew more than 36.1% year-on-year thanks to the success of new products such as AI Profile and Yearbook.
The cloud recorded 123.6 billion won, an increase of 30.3% year-on-year and 18.3% quarter-on-quarter. B2B sales rose 19.9% year-on-year and 11.4% quarter-on-quarter as NCP's sales recognition change effect and Lineworks' paid IDs expanded.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
