GMO Internet Group reported a solid performance for the second quarter of fiscal year 2024, with consolidated sales reaching 136.48 billion yen (USD 985.3 million), marking a 4.9% increase from the same period last year. The company achieved a notable 16.4% rise in operating profit to 24.01 billion yen (USD 173.3 million) and a 21.7% increase in net profit to 7.722 billion yen (USD 55.7 million).
The company’s Internet infrastructure business showed robust results with sales climbing 7.1% to 90.969 billion yen (USD 657.1 million) and a 43.6% surge in operating profit to 18.665 billion yen (USD 134.7 million). This growth was driven by the continued shift toward cashless transactions, boosting its payment services.
However, the Internet finance segment faced headwinds, with sales dropping 12.9% to 21.823 billion yen (USD 157.7 million) and operating profit plummeting 62.5% to 2.849 billion yen (USD 20.6 million) due to weak over-the-counter FX trading.
In contrast, the cryptocurrency business experienced a significant turnaround, benefiting from the recovering market and increased trading volume. Sales soared 89.7% to 4.1 billion yen (USD 29.6 million), and operating profit reached 1.339 billion yen (USD 9.6 million), a stark improvement from last year’s loss.
Meanwhile, the Internet advertising and media segment saw a slight dip in sales to 17.21 billion yen (USD 124.4 million), though operating profit increased 27.7% to 1.31 billion yen (USD 9.5 million) due to strong media product performance. The incubation segment also reported a 54.0% increase in sales to 1.004 billion yen (USD 7.3 million).
GMO Internet Group’s diversified operations allowed it to leverage strengths in crypto and infrastructure, offsetting challenges in other areas.
