Global tech firms post hefty gains in Korea in 2020
Posted : 2021-04-16 15:05
By Kim Bo-eun
Global tech companies saw their earnings in Korea surge last year, according to regulatory filings made earlier this week. The earnings of local subsidiaries of tech giants such as Google, Facebook, Netflix and Tesla were unveiled for the first time after revised regulations went into effect last November.
Google Korea saw its 2020 net profit skyrocket 741 percent year-on-year to 6.18 billion won ($5.53 million), while operating profits surged 52.9 percent to 15.59 billion won. The regulatory filing showed Google's earnings mostly came from marketing related to advertisements.
Facebook Korea's regulatory April 5 filing showed the company's operating profit soar 553 percent in 2020 year-on-year to 11.77 billion won, as its net profit jumped 314 percent to 6.33 billion won.