South Korean Internet giant Naver profits from Covid-19

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.