Daum, Korea’s No. 2 Web portal, tripled its earning

Naver, Daum

Posted on jamesyoon.wordpress.com

Daum Communications, the operator of Korea’s No. 2 Web portal, posted record quarterly sales and tripled its earnings on-year from July to September on revenue from advertisements and its online shopping unit.

The company’s sales climbed 5.1 percent on-year to 61.4 billion won ($51.4 million) in the third quarter, breaking the 60 billion won mark for the first time. Operating profit rose 17.1 percent on-year to 13.5 billion won, while net profit jumped more than threefold compared to the same quarter last year, to 13.6 billion won. Daum’s net profit during the third quarter of 2008 was 4 billion won.

“Our third quarter earnings were a direct result of our services geared toward users’ everyday life, and related advertisements, including banner sales and sponsor links,” the company said in an official statement, adding that it saw a rapid rise in visitor traffic to its main Web site Daum.net.

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