Major IT companies are enjoying double-digit profit growth as they introduce new services and report gains in the provision of content.Naver, with a 73.36 percent stake in the Line messaging app, is now the third largest listed company in the country by market capitalization following its third quarter earnings announcement last Thursday. It follows Samsung Electronics and SK Hynix, and it is now ahead of Hyundai Motor and Samsung BioLogics.The company, with strong revenue growth in its platform and content businesses, reported operating profit rising 57.7 percent on quarter to 202.1 billion won ($174.2 million). Naver’s rise reflects a global trend where tech companies beat out old-school manufacturers in the stock markets. The company closed at 164,500 won, up 39.4 percent compared to the beginning of the year. Naver’s move to expand into financial services will likely gain momentum with the inauguration of Naver Financial last Friday. Artificial intelligence (AI) played an integral role in bringing online shoppers onto its shopping platform, with the AI-powered recommendation feature. “We expect the company’s search ads and shopping revenue based on search, payment, and AI recommendations to maintain strong growth,” said Lee Chang-young, an analyst at Yuanta Securities, adding that the AI recommendations… Read full this story
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