Naver announced unaudited consolidated and standalone earnings results for the fourth quarter of 2016. For the quarter, on consolidated basis, the company reported that operating revenue was up 21.7% year-over-year and 7.1% quarter-over-quarter to KRW 1,085,000,000,000. Operating income was up 28.9% year-over-year and 2.8% quarter-over-quarter to KRW 290.3 billion, with operating margin at 26.8%. Net income was up 34.9% year-over-year due to the base effect of previous year's operating net loss from discontinued operations. But due to the taxation on unappropriated profit earnings, net income was down 3.6% quarter-over-quarter to KRW 190.9 billion with net income margin coming in at 17.6%. For the quarter, on standalone basis, the company reported that revenue was up 16.8% year-over-year and 10.1% quarter-over-quarter to KRW 678.7 billion, driven by strong ads revenue. Operating income was up 23.2% year-over-year and 16.9% quarter-over-quarter to KRW 279.3 billion, driven by top line growth and lower labor cost. Operating margin reported 41.2%. Net income was down 39.4% year-over-year and 44.6% quarter-over-quarter to KRW 106.6 billion due to the impairment loss on invested assets from affiliates and taxation on unappropriated corporate earnings.