Naver Achieves Record Q3 2023 Results with Impressive Growth Across Multiple Segments

Naver Achieves Record Q3 2023 Results with Impressive Growth Across Multiple Segments

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Naver achieved a historic performance in Q3 2023, reporting a revenue of KRW 2.4453 trillion, an operating profit of KRW 380.2 billion, and a net profit of KRW 356.2 billion. The Q3 consolidated revenue increased by 18.9% YoY and 1.6% QoQ, totaling KRW 2.4453 trillion. Notably, adjusted EBITDA reached a record high, surging by 18.7% YoY and 6.9% QoQ to KRW 550.6 billion. The consolidated operating profit amounted to KRW 380.2 billion, showing a 15.1% YoY increase and 2.0% QoQ rise.

In terms of revenue by business segment: Search Platform generated KRW 898.5 billion, Commerce reached KRW 647.4 billion, Fintech recorded KRW 340.8 billion, Contents amounted to KRW 434.9 billion, and Cloud reached KRW 123.6 billion. Naver’s Search advertising displayed consistent growth, increasing by 3.5% YoY, even amidst the ongoing pandemic. Naver plans to continue its efforts in platform enhancements.

Commerce revenue reached KRW 647.4 billion, showing a remarkable growth of 41.3% YoY, surpassing the domestic market’s average. Fintech reported revenue of KRW 340.8 billion, a 15.1% YoY increase, with Naver Pay transactions reaching KRW 15.2 trillion in Q3.

Contents revenue grew by 39.5% YoY, reaching KRW 434.9 billion, driven by global webtoon transactions and enhanced AI recommendations. The Cloud segment recorded KRW 123.6 billion, a 30.3% YoY increase.

Furthermore, Naver announced its collaboration with the Saudi Arabian Ministry of Municipal, Rural Affairs, and Housing to develop a digital twin platform in October.

[Naver News]

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