Global tech firms post hefty gains in Korea in 2020

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 Services Korea saw 2020 sales surge 123.54 percent to 415.45 billion, reaping operating profits of 8.82 billion won, up 295 percent, and a net profit of 6.33 billion won, a jump of 427.5 percent.

The stellar performance was backed by a surge in subscribers amid the COVID-19 pandemic, as more and more people sought online-based entertainment at home. The number of Netflix Korea's subscribers exceeded 3 million as of the end of last year, up from 2 million in October 2019.

Tesla Korea saw 2020 sales surge 295 percent year-on-year to 716.2 billion won, bring in operating profits of 10.78 billion won (a 429 percent rise) and a net profit of 7.98 billion won (up 513 percent).

Tesla's huge earnings boost came from sales of 11,829 vehicles last year, a massive increase from 2,430 in 2019.