Naver's Q1 net jumps 54% on increased online shopping
Naver CEO Han Seong-sook (Naver)
The company said its transactions on online shopping malls jumped 56 percent on-year during the first quarter
In an effort to strengthen its online shopping sector, Naver said it has joined hands with major brands, such as cosmetics and household goods maker LG Household & Health Care Ltd., to provide an enhanced shopping experience.
“We plan to provide various kinds of shipping systems depending on our partner’s business size and their products,” said Han. LG Household‘s products can be shipped within 24 hours of purchase.
Naver said revenue from its platform business, including the messenger Line, surged 17.4 percent on-year to 565 billion won during the same period.
Revenue from its advertisement business was up 1.2 percent on-year to 144 billion won in the first quarter. The number, however, was down 16.2 percent from a quarter earlier due to the COVID-19 outbreak as more companies downsized their ad expenses.
Sales from its IT platform business, which covers Naver Pay and cloud computing services, also jumped 49.4 percent on-year to 148.2 billion won as more people worked at home during the pandemic.
Content sales advanced 58 percent on-year during the cited period to 55.4 billion won due to the increased revenues from its webtoons and an increase in global users, it said. (Yonhap)