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Investing.com -- South Korean internet giant Naver saw its second-quarter net profit surge 50% year-over-year as the company’s artificial intelligence initiatives enhanced its core platform businesses.
Naver’s net profit reached 497.4 billion won ($359.5 million) in the April-June period, exceeding analyst expectations of 435.49 billion won, according to a FactSet poll.
Revenue grew 12% to 2.915 trillion won, while operating profit increased 10% to 521.6 billion won.
Chief Executive Choi Soo-yeon emphasized the company’s strategy during an earnings call, saying Naver "is focusing on strengthening its platform competitiveness and expanding monetization opportunities by incorporating AI technology."
Naver attributed its quarterly performance partly to continued AI-powered advertising optimization and the integration of diverse content and data with AI for its users.
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