On August 9, Naver announced its Q2 2024 financial results, reporting revenue of KRW 2.61 trillion (USD 1.96 billion), adjusted EBITDA of KRW 638.4 billion (USD 478.8 million), and operating profit of KRW 472.7 billion (USD 354.6 million).

The company’s consolidated revenue for Q2 grew by 8.4% year-on-year and 3.3% quarter-on-quarter, reaching KRW 2.61 trillion (USD 1.96 billion). This growth was driven by balanced expansion across key business areas such as search platforms, commerce, fintech, and an increase in cloud revenue. Adjusted EBITDA reached a record high of KRW 638.4 billion (USD 478.8 million), up 23.9% from the previous year and 9.9% from the previous quarter. Operating profit increased by 26.8% year-on-year and 7.6% quarter-on-quarter to KRW 472.7 billion (USD 354.6 million), with an operating margin of 18.1%.

Revenue by business segment includes:

• Search Platform: KRW 978.4 billion (USD 733.8 million)
• Commerce: KRW 719 billion (USD 539.3 million)
• Fintech: KRW 368.5 billion (USD 276.4 million)
• Content: KRW 420 billion (USD 315.0 million)
• Cloud: KRW 124.6 billion (USD 93.5 million)

The search platform segment saw a 7.5% year-on-year and 8.1% quarter-on-quarter increase, reaching KRW 978.4 billion (USD 733.8 million). This growth was due to improvements in product offerings and enhanced targeting in place and search ads. Naver plans to focus on expanding user engagement and generating new revenue through hyper-personalization technology.

Commerce revenue grew by 13.6% year-on-year and 2.2% quarter-on-quarter to KRW 719 billion (USD 539.3 million). The total commerce transaction value for Naver increased by 4.1% year-on-year to KRW 12.3 trillion (USD 9.23 billion).

Fintech revenue rose by 8.5% year-on-year and 4.1% quarter-on-quarter to KRW 368.5 billion (USD 276.4 million). Naver Pay’s transaction value grew by 20.1% year-on-year and 5.2% quarter-on-quarter to KRW 17.5 trillion (USD 13.13 billion), with external payments exceeding 50% of total transactions for the first time.

Content revenue decreased by 0.1% year-on-year and 5.9% quarter-on-quarter to KRW 420 billion (USD 315.0 million). Excluding currency effects, global revenue from webtoons grew by 11.1% year-on-year, with Japan achieving its highest-ever MPU, reflecting continued growth.

Cloud revenue grew by 19.2% year-on-year and 6.5% quarter-on-quarter to KRW 124.6 billion (USD 93.5 million), driven by AI-related sales and an expansion of paid LineWorks IDs. Naver initiated a digital twin platform project in Saudi Arabia in July.

Naver CEO Choi Soo-yeon stated, “We have strengthened our platform capabilities by integrating AI, data, and search, providing differentiated experiences to partners within the Naver ecosystem and achieving early monetization results. In the second half of the year, we will accelerate the enhancement of key business products and platforms using AI and data, and proactively explore new technology-based business opportunities.”