Hyundai AutoEver posted stronger-than-expected second-quarter results this year, helped by rising demand for cloud services.
Hyundai AutoEver said on the 29th that second-quarter revenue rose 20% on-year to 1.2507 trillion won. Operating profit came to 90.5 billion won, up 11.3% over the same period.
Cumulative first-half revenue increased 16.6% on-year to 2.1864 trillion won. Operating profit for the same period rose 3.4% to 111.7 billion won.
By business, the enterprise IT institutional sector drove growth. Revenue in the enterprise IT institutional sector, which consists of system integration (SI) and IT outsourcing (ITO), increased 27.9% from a year earlier to 1.0384 trillion won. The company said this was "the result of responding to customers' rising cloud demand and supporting next-generation enterprise resource planning (ERP) transitions."
In contrast, revenue in the vehicle software (SW) institutional sector fell 7.8% to 212.3 billion won. The slowdown is seen as stemming from U.S. tariff measures and geopolitical risks that have continued since last year.
For overseas business, the company said it saw balanced revenue growth in major regions, including the Americas, Europe, India, and China, in the first half of this year. A Hyundai AutoEver official said, "Clients expanded IT investment, and revenue related to connected car service (CCS) increased with a rise in subscribers."