What Happened?

iMarketKorea’s Q2 2025 revenue was ₩735.5 billion, a decrease year-over-year and below market expectations of ₩766.7 billion. Operating profit also fell short of the ₩10 billion estimate, coming in at ₩6.5 billion. Conversely, net profit reached ₩14.4 billion, significantly surpassing the market consensus of over ₩6 billion.

Why These Results?

The decline in sales is attributed to the continued sluggish performance of the core industrial B2B e-commerce business. Amid a global economic slowdown and high interest rates, the decline in B2B transactions persisted. The decrease in operating profit is a result of multiple factors including the sales decline, exchange rate volatility, and increased financial expenses. The surge in net profit is primarily due to positive contributions from non-operating income, particularly gains related to derivatives. However, the sustainability of these gains remains uncertain.

What’s Next?

iMarketKorea continues to invest in securing long-term growth drivers based on the stable demand in the B2B e-commerce market. However, the current sales decline, exchange rate volatility, and increasing financial expenses could negatively impact short-term investor sentiment. While the surprising net profit is positive, its dependence on non-recurring factors requires careful examination of its future sustainability.

What Should Investors Do?

  • Confirm the specific causes of the net profit increase in the final earnings announcement and assess its sustainability.
  • Continuously monitor the performance and cost structure of overseas businesses, particularly the Texas project.
  • Examine the company’s strategies to address exchange rate volatility and rising financial costs.
  • Make investment decisions based on the company’s fundamentals and long-term growth potential, rather than being swayed by short-term stock price fluctuations.