Home Business Naver 2Q earnings surprise… Prosperity in new businesses such as commerce and fintech (comprehensive)

Naver 2Q earnings surprise… Prosperity in new businesses such as commerce and fintech (comprehensive)

by news dir

Sales of 1.66 trillion won and operating profit of 335.6 billion won… 30.4% and 8.9% increase compared to last year

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(Seoul = Yonhap News) Reporter Ji-in Hong = Naver posted record-breaking earnings in the second quarter of this year, exceeding market expectations, thanks to the even growth of all sectors including new businesses.

Naver announced on the 22nd that it posted 1.63 trillion won in sales and 335.6 billion won in operating profit on a consolidated basis in the second quarter of this year.

Sales increased 30.4% from last year, reaching an all-time high. Quarterly sales growth increased for the fifth consecutive quarter.

Operating profit increased by 8.9% compared to the same period last year despite the increase in stock compensation costs, again setting a new record.

By business division, the proportion of sales in the four new business divisions, excluding the search platform, which is the main search and advertising business, broke 50% for the first time.

[그래픽]  Naver Performance
[그래픽] Naver Performance

(Seoul = Yonhap News) Reporter Jang Ye-jin = [email protected]

The search platform recorded 826 billion won in sales, up 21.8% from the previous year and 9.7% from the previous quarter due to improved search quality and increased advertising efficiency.

Sales in the commerce sector increased 42.6% YoY and 12.6% QoQ to KRW 365.3 billion thanks to the expansion of brand stores and growth of small and medium-sized businesses (SMEs). Compared to last year, brand store transaction volume increased 5 times and Shopping Live sales increased 17 times.

The Fintech sector posted sales of KRW 232.6 billion, up 41.2% from the same period of the previous year and 11.0% from the previous quarter, due to the expansion of external partners and the growth of existing affiliated malls. In the second quarter, Naver Pay’s payment amount increased 47% year-on-year to KRW 9.1 trillion.

[네이버 제공. 재판매 및 DB 금지]

[네이버 제공. 재판매 및 DB 금지]

Sales in the content sector increased by 28.2% year-on-year and 10.7% quarter-on-quarter to KRW 144.8 billion, driven by the growth of Webtoons and Snow. Webtoon sales grew 53% compared to the previous year, and Snow sales more than doubled from last year.

Cloud posted sales of KRW 94.9 billion, up 48.1% from the same period last year and 16.2% from the previous quarter due to the continued increase in public cloud demand. Naver Cloud Platform (NCP) sales grew by more than 77% compared to the same period last year.

CEO Han Seong-suk said, “Naver once again proved that continuous growth is possible through technology R&D, service, and business model innovation.”

CEO Han said, “By further strengthening cooperation with strategic partners and solidifying the foundation for future growth by promoting the global content intellectual property (IP) business in earnest, the performance of various businesses in the global market is being visualized based on a solid domestic business. I will give it to you,” he said.

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