NAVER’s Q1 2024: Strong Revenue Growth and Strategic Focus
NAVER Corporation, led by CEO Choi Soo-yeon, reported Q1 2024 revenue of KRW 2.5261 trillion, adjusted EBITDA of KRW 581.0 billion, and operating profit of KRW 439.3 billion.
NAVER’s consolidated revenue rose by 10.8% YoY to KRW 2.5261 trillion, driven by growth in key segments like the Search Platform and Commerce. However, it dipped by 0.4% QoQ due to seasonal factors. Adjusted EBITDA increased by 19.0% YoY and 0.2% QoQ to KRW 581.0 billion, attributed to improved Content profitability and higher Poshmark operating profit. Operating profit margin rose to 17.4% from the previous quarter’s 16.0%, partly due to reduced stock compensation expenses amid stock price fluctuations.
Revenue breakdown by segment: Search Platform – KRW 905.4 billion, Commerce – KRW 703.4 billion, Fintech – KRW 353.9 billion, Content – KRW 446.3 billion, and Cloud – KRW 117.0 billion.
The Search Platform grew by 6.3% YoY, driven by enhanced search and performance-based advertising. Commerce revenue increased by 16.1% YoY and 6.5% QoQ, supported by NAVER Arrival Guarantee and Brand Solution services.
Fintech revenue grew by 11.2% YoY but decreased by 0.6% QoQ. NAVER Pay transactions rose by 24.8% YoY to KRW 167 trillion, with significant growth in offline payments.
Content revenue rose by 8.5% YoY but declined by 4.3% QoQ due to the exclusion of NAVER Z from consolidated revenue. WEBTOON transactions expanded by 9.1% YoY to KRW 458.7 billion, with notable growth in Japan.
The Cloud segment saw a 25.5% YoY revenue increase to KRW 117.0 billion, driven by AI solutions like HyperCLOVA X.
NAVER aims to capitalize on market trends and new opportunities post-restructuring, leveraging core technologies like AI and data for enhanced user experiences and long-term growth. CEO Choi Soo-yeon emphasized NAVER’s commitment to maintaining competitiveness through innovation.
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