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.
Netflix Korea s revenue more than doubles in 2020
Posted : 2021-04-13 10:01
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Netflix saw its revenue more than double in South Korea last year as the video streaming giant enjoyed rapid user growth amid the pandemic, its filing showed Tuesday.
Netflix Services Korea Ltd. s sales last year stood at 415.45 billion won (US$356 million), up 123.5 percent from the previous year, while operating profit reached 8.82 billion won, up 295 percent over the cited period, according to the filing.
Most of the company s sales last year came from user streaming fees, which stood at 398.8 billion won, compared with 175.6 billion won the previous year.
This is the first time that the company has disclosed its financial statement since 2016, when it started offering its services in South Korea.