Tokyo, Japan - LY Corporation reported results for the third quarter of fiscal year 2023, highlighting revenue growth across its core businesses.
Total consolidated revenues increased 4.7% year on year to JPY 475.0 billion. Adjusted EBITDA also increased significantly, rising 17.4% to JPY 109.8 billion.
The Media Business segment continued its steady recovery, with advertising revenues rising 1.5% compared to a decline of 6.2% in the previous quarter.
Strength in account and display advertising helped offset continued declines in search.
Domestic commerce transaction value turned positive in the quarter, increasing 1.7% after several consecutive quarters of decline. This contributed to a 2.7% increase in commerce revenue.
Strategic businesses, including the FinTech services PayPay and PayPay Bank, continued their strong growth trajectory.
The total number of registered PayPay users now exceeds 55 million, while consolidated PayPay revenue grew 16.0%.
LY Corporation raised its full-year guidance based on better-than-expected Q3 performance and now expects Adjusted EBITDA growth of 17.3%.
The Company continues to be selective in its investments and notes that Adjusted EPS has recovered faster than anticipated.
