Naver surpasses 10 tn won in annual revenue > 경제기사 | natenews rank

Naver Corp. has become the first South Korean internet platform company to surpass 10 trillion won $6.91 billion in annual revenue.

The company announced Friday that its consolidated revenue for the fourth quarter of 2024 rose 13.7 percent year-on-year to 2.89 trillion won. Its operating profit for the quarter was 542 billion won, up 33.7 percent from the same period a year ago and 3.2 percent from the previous quarter.


For the full year, Naver recorded revenue of 10.74 trillion won, a growth of 11.0 percent compared to the previous year. Its annual operating profit reached 1.98 trillion won, up 32.9 percent year-on-year.

Naver first exceeded 5 trillion won in revenue in 2018 and has rapidly expanded its business, particularly in new sectors, reaching the 10 trillion won milestone in just six years.

The company reported strong performance across all business segments, consistently setting record-high quarterly earnings throughout last year.

By sector, revenue from the search platform division grew 14.7 percent year-on-year in the fourth quarter to 1.06 trillion won, with annual revenue rising 9.9 percent to 3.95 trillion won. Naver plans to enhance platform competitiveness by improving advertising efficiency and expanding external media partnerships.

The commerce division, benefiting from the launch of the Naver Plus Store and membership partnerships in October, recorded 775 billion won in fourth-quarter revenue, a 17.4 percent increase from the same period the previous year. Annual revenue rose 14.8 percent to 2.92 trillion won.

Naver’s fintech segment saw a 12.6 percent year-on-year increase in fourth-quarter revenue to 401 billion won, while content revenue inched up 0.2 percent to 467 billion won. The cloud business posted the highest growth, rising 41.1 percent year-on-year to 177 billion won, driven by ongoing revenue from Saudi Arabia’s digital twin project.

“This year will be a pivotal moment for fully implementing our all-service AI strategy,” said Naver CEO Choi Soo-yeon. “By advancing our platform through AI technology, we will create new value and business opportunities, reinforcing Naver’s unique competitive edge.”

Regarding commerce, Choi highlighted plans to introduce a new Naver Plus Store app in the first half of the year, shifting from a search-centric shopping experience to a more personalized, discovery-based approach for a more intuitive and compelling user experience.

Separately, Naver announced in a shareholder notice that its founder, Lee Hae-jin, is set to return as an internal board director after a seven-year absence. If approved at next month’s shareholder meeting, Lee will reclaim the chairman position he stepped down from in 2017.

Lee, often referred to as a “reclusive manager,” had resigned as board chairman in March 2017, saying he wanted to focus solely on the company‘s business operations. He stepped down as a registered executive the following year, ending a 19-year tenure.

His return to the chairman role is expected to position him at the helm of Naver’s artificial intelligence AI initiatives, as the company seeks to establish a strong foothold in the increasingly competitive big tech sector.

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