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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Minyoung] As of the 12th, NAVER's shares closed at KRW 160,300, down 2.08% from the previous trading day. NAVER and Samsung Biologics were the only two among the top 15 market-cap stocks to end in the red.
NAVER's stock price has been on a downward trend since peaking at KRW 465,000 in July 2021, and is currently about one-third of its highest value.
The recent drop in NAVER's share price is attributed to the plummet in its subsidiary, NAVER Webtoon. On the most recent trading day, August 9, NAVER Webtoon, listed on the NASDAQ, saw a 38.2% drop, closing at $12.75, significantly below its IPO price of $21.
The decline in NAVER Webtoon is linked to disappointing earnings. The company reported Q2 revenue of $320.97 million, a slight 0.1% increase from the previous year but falling short of the market expectation of $340.80 million.
Moreover, NAVER Webtoon's Q3 outlook is also bleak, with revenue expectations ranging from $300 million to $338 million, below the consensus estimate of $351 million from data analytics firm FactSet.
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
