Naver Surpasses 2 Trillion Won in 2Q Sales... Up 23% YoY (Update)

[Asia Economy Reporter Kang Nahum] Naver announced on the 5th that it recorded consolidated sales of 2.0458 trillion KRW and an operating profit of 336.2 billion KRW in the second quarter of this year. These figures represent increases of 23% and 0.2%, respectively, compared to the same period last year.

Sales by business segment were ▲ Search Platform 905.5 billion KRW ▲ Commerce 439.5 billion KRW ▲ Fintech 295.7 billion KRW ▲ Content 300.2 billion KRW ▲ Cloud and Others 104.9 billion KRW.

The Search Platform segment grew 9.3% year-on-year, driven by improvements in search ad quality and continuous expansion of the display ad lineup. Commerce increased by 19.7% year-on-year due to steady growth in Naver Shopping transaction volume. Naver Shopping transaction volume reached 10.3 trillion KRW, up 20.8% from the previous year.

Fintech grew 27.1% year-on-year as external payment amounts steadily increased with the addition of Smart Store and large franchise merchants. Naver Pay payment volume grew 32% year-on-year, surpassing 12 trillion KRW.

The Content segment recorded 300.2 billion KRW, a 113.8% increase year-on-year, despite foreign exchange losses due to the depreciation of the Japanese yen. This growth was supported by the new inclusion of eBook Japan, Locus, and Munpia in the webtoon division and continued expansion. The global integrated transaction volume of webtoons achieved 406.5 billion KRW, a 19.6% increase year-on-year. Naver Webtoon’s global integrated user base reached 180 million, with steady increases in the proportion of paid users and monthly payment amounts.

The Cloud and Others segment grew 10.5% year-on-year to 104.9 billion KRW, influenced by product differentiation based on NeuroCloud (hybrid cloud) and securing new customers across various industries, including new orders for IBK Industrial Bank’s cloud transition project following NH Nonghyup and KB.

Choi Soo-yeon, CEO of Naver, said, "Despite the global economic slowdown, Naver’s second-quarter performance was solid. Based on the ecosystem of search, commerce, payment, and points, we will do our best to achieve market-leading growth in each major business area of Naver while minimizing the burden on our business partners and collaborators."

This content was produced with the assistance of AI translation services.