Naver is the number one in South Korean when it comes to search engines (according to a 2018 survey by the Korea JoongAng Daily). Now the internet giant reported a net profit of 76 million USD for the quarter ended in June. Covid-19 has strengthened the cloud computing business, providing for a tripling of profits compared to last year. However, the messaging business is struggling with losses.
Naver’s operating margin remains at 28%. Both the search engine business and the e-commerce business have contributed to the company’s high profitability and stable growth.
Read more on Nikkei Asia.