Naver-Q1 earnings

Naver Q1 net profit down 99 pct to 151.4 bln won

SEOUL, April 21 (Yonhap) -- Naver Corp. on Thursday reported its first-quarter net profit of 151.4 billion won (US$122.5 million), down 99 percent from a year earlier.

Operating income for the January-March period was 301.8 billion won, up 4.5 percent from a year ago, the company said in a regulatory filing. Revenue rose 23.1 percent to 1.84 trillion won.

The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 367.2 billion won, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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