Hyundai Autoever third quarter revenue rises as net income falls

Hyundai Autoever reported a 16.2 percent year on year increase in third quarter revenue to KRW 1.22 trillion, according to ad-hoc-news.de and Yonhap News Agency. However, net income fell 14.9 percent year on year to KRW 44.9 billion on Friday, October 30. Operating income also declined 2.6 percent to KRW 68.9 billion. [1]

Reports from TradingView and MarketScreener both confirmed that lower margins weighed on profit despite sales growth. Enterprise IT services led the expansion, driven by customer demand for cloud migration and enterprise resource planning systems. Revenue in the vehicle software segment rose by just 0.8 percent to KRW 199.9 billion. [1][2][4]

BigGo Finance, Chosunbiz, and Seoul Economic Daily noted that South Korean IT service providers experienced revenue growth supported by demand for artificial intelligence and cloud technologies. Outside of its quarter results, Seoul Economic Daily reported that Hyundai Autoever plans to invest KRW 114.6 billion in a Saemangeum artificial intelligence data center venture. [3][5][6]

Hyundai Autoever is a Seoul-based affiliate of Hyundai Motor Group that was founded in 2000. It provides mobility software, system integration, and group-wide IT services. [7]