Naver recorded its highest quarterly revenue ever in the third quarter of this year, yet its stock has fallen by over 5%. Concerns surrounding CEO Jensen Huang of Nvidia, including personal controversies and rumors of his dismissal, have created uncertainty regarding the companies' collaboration in artificial intelligence (AI), impacting investor sentiment.
According to the Korea Exchange, as of 1:22 PM on November 12, Naver's stock was trading at 183,300 won, down 11,000 won (5.66%) from the previous trading day. The stock opened at 187,500 won and briefly dipped to 181,100 won during the session.
Naver announced that its consolidated revenue for the third quarter reached 3.4724 trillion won, a 10.7% increase compared to the same period last year. This growth was driven by the expansion of its commerce, payment, and global consumer-to-consumer (C2C) businesses. The revenue also surpassed the previous quarter's record of 3.3888 trillion won by approximately 2.5%.
This marks the sixth consecutive quarter that Naver has set a record for quarterly revenue since the second quarter of last year.
Despite the strong performance, the stock has been on a downward trend. The controversies surrounding CEO Jensen Huang and the speculation about his potential dismissal have raised concerns about the future of Nvidia's AI collaboration with Naver, dampening investor confidence.
Nvidia is finalizing a $1 billion investment in Naver, which is expected to enhance their AI business partnership. However, the uncertainty surrounding Nvidia's management is drawing market attention regarding its potential impact on their collaborative efforts and business initiatives.
* This article has been translated by AI.
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