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NAVER Enters “KRW 10 Trillion Revenue” Era

Q4 2024 revenue reaches KRW 2.8856 trillion, with an operating profit of KRW 542 billion

- Q4 sees accelerated growth in key businesses, with the Search Platform revenue up by 14.7% and Commerce up by 17.4% year over year (YoY)

- Quarterly operating profit increases by 33.7% YoY, with the adjusted EBITDA growing for nine consecutive quarters, and the operating profit for eight consecutive quarters

- Annual revenue grows by 11.0% YoY to KRW 10.7377 trillion, with operating profit up by 32.9%

February 7, 2025

NAVER Corporation (CEO Choi Soo-yeon, www.navercorp.com) announced that in Q4 2024, the company recorded revenue of KRW 2.8856 trillion, operating profit of KRW 542 billion, and adjusted EBITDA of KRW 745.9 billion.

The consolidated revenue for Q4 recorded KRW 2.8856 trillion, reflecting a 13.7% YoY increase and a 6.3% rise quarter-over-quarter (QoQ). This growth is driven by the expansion of key business segments such as Search Platform and Commerce. The adjusted EBITDA for Q4 grew for the ninth consecutive quarter, recording KRW 745.9 billion—an increase of 28.6% YoY and 6.7% QoQ. The consolidated Q4 operating profit also grew for the eighth consecutive quarter, recording KRW 542 billion—an increase of 33.7% YoY and 3.2% QoQ. Meanwhile, the operating profit margin improved by 2.8 percentage points YoY to 18.8%.

As a result, NAVER’s annual revenue in 2024 was recorded at KRW 10.7377 trillion, an 11.0% increase from the previous year. The annual operating profit also surged by 32.9% YoY, reaching KRW 1.9793 trillion, while the annual adjusted EBITDA rose by 24.9%, totaling KRW 2.6644 trillion. NAVER is the first domestic Internet platform company to achieve KRW 10 trillion in revenue.

The revenue by business segment for Q4 was as follows: Search Platform: KRW 1.0647 trillion; Commerce: KRW 775.1 billion; Fintech: KRW 400.9 billion; Content: KRW 467.3 billion; Cloud: KRW 177.6 billion.

The Search Platform recorded KRW 1.0647 trillion, marking a 14.7% YoY increase and a 6.7% rise QoQ. This growth is driven by continuous platform competitiveness enhancement and improved advertising efficiency. The annual revenue of the Search Platform was KRW 3.9462 trillion, marking a 9.9% YoY increase. NAVER plans to strengthen its platform competitiveness further by improving advertising efficiency and expanding external media.

Meanwhile, Commerce recorded KRW 775.1 billion in revenue, marking a 17.4% YoY increase and a 6.9% rise QoQ. Improved shopping experiences drove this growth, fueled by the launch of the NAVER Plus Store in October, enhanced user benefits through membership partnerships, and increased efficiency and profitability of commerce advertising. As a result, the total gross merchandise value (GMV) for Q4 reached KRW 13.2 trillion, while the annual revenue of this segment recorded KRW 2.923 trillion—a 14.8% increase over the previous year.

Fintech recorded KRW 400.9 billion in revenue, marking a 12.6% YoY increase and a 4.1% rise QoQ. This growth is driven by the ongoing expansion of the NAVER Smart Store and an increase in external payments. The total payment volume for Q4 recorded KRW 19.3 trillion, marking an 18.3% YoY increase and a 3.7% rise QoQ. Ultimately, Fintech had an annual revenue of KRW 1.5084 trillion, recording an 11.3% YoY increase.

Despite excluding NAVER Z from consolidation, Content recorded KRW 467.3 billion, marking a 0.2% YoY increase and a 1.0% rise QoQ. Increased paid subscribers to the camera app linked to WEBTOON AI content drive this growth. Content had an annual revenue of KRW 1.7964 trillion, marking a 3.7% YoY increase.

Lastly, Cloud recorded KRW 177.6 billion, a 41.1% YoY increase and a 22.8% rise QoQ. The expansion of paid ID subscriptions for Neurocloud and LINE WORKS and continued revenue generation from the Saudi Arabia digital twin project drove this growth. The annual revenue of Cloud grew by 26.1% YoY, resulting in KRW 563.7 billion.

Choi Soo-yeon, NAVER CEO, stated, “This year marks a crucial period for fully implementing our On-Service AI strategy across all NAVER services. By advancing our platform with AI technology, we aim to create new value and business opportunities, ultimately strengthening NAVER’s unique competitive edge.” She added, “We will enhance the shopping experience in Commerce by shifting from a search-based approach to a personalized exploration-based experience through the NAVER Plus Store app. This will be launched in the first half of the year, providing a more intuitive and powerful shopping experience.” [End]

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