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Technology

Naver Q1 revenue and operating profit rise, but shares still fall

CEO Choi targets foreign markets as results fail to meet analyst expectations

The South Korean internet company is looking to overseas markets to fuel growth.   © Reuters

SEOUL -- South Korea's top internet company Naver said on Thursday that revenue and operating profit rose in the first quarter from the same period last year, but its share price slid after results failed to meet analysts' expectations.

The results, the first to be announced since CEO Choi Soo-yeon took charge last month, showed that revenue jumped 23.1% to 1.8 trillion won ($1.5 billion) in the January-to-March period from the year before, thanks to expansion of its e-commerce and fintech services.

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