Seoul: Naver Corp. on Friday reported its first-quarter net income of 423.7 billion won (US$303.5 million), marking a 23.8 percent decline from the same period last year. The company disclosed these figures in a regulatory filing, highlighting a mixed financial performance for the January-March period.
According to Yonhap News Agency, Naver's operating profit for the first quarter increased by 15 percent year-on-year, reaching 505.3 billion won. Meanwhile, the company's sales experienced a 10.3 percent rise, amounting to 2.78 trillion won during the same period.
Despite the growth in operating profit and sales, Naver's earnings were below market expectations. Analysts had predicted an average net profit of 439.7 billion won, as per a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.