Line Delivered Better-than-Expected Results, but it Is not a Fundamental Change
Although Line delivered better-than-expected second-quarter results, we don’t think that it was a fundamental change. The company booked a one-off gain of JPY 10.4 billion on transfer of its camera apps related business after the merger of Snow and B612, which accounted for 21% of total revenue in the second quarter. Excluding this one-off impact, Line’s core revenue increased by 17.5% and the operating margin was 10.5%, which is in line with our estimates. Therefore, we maintain our fair value ...
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