Naver (KRX: 035420) reported consolidated revenue of KRW 2,271.7 billion for the fourth quarter of 2022, up 17.8% year over year and 10.4% quarter over quarter.
The company reported an operating profit of KRW 336.5 billion, down 4.2% year-on-year but up 1.9% quarter-on-quarter.
Naver’s adjusted EBITDA for the fourth quarter was KRW 486.6 billion, up 0.6% year-on-year and 4.9% quarter-on-quarter.
Full-year revenue for 2022 reached KRW 8,220.1 billion, up 20.6% year-on-year, while adjusted EBITDA was KRW 1,802.8 billion, down 5.8% year-on-year.
Net profit for 2022 was impacted by accounting gains from the management integration between LINE and Z Holdings, which recorded a net profit of KRW 664 billion, a decrease of 96% year-on-year.
Naver’s revenue by business in the fourth quarter included Search Platform (KRW 916.4 billion), Commerce (KRW 486.8 billion), Fintech (KRW 319.9 billion), Content (KRW 437.5 billion), and Cloud and Other (KRW 111.1 billion).
The search platform recorded revenue of KRW 916.4 billion, up 2.3% year-on-year and quarter-on-quarter, while the trading sector recorded revenue of KRW 486.8 billion, up 18.3% year-on-year and 6.2% quarter-on-quarter.
Naver’s fintech sector recorded revenue of KRW 319.9 billion, up 8.4% year-on-year and 8.0% quarter-on-quarter.
The content sector recorded revenue of KRW 437.5 billion, up 100.1% year-on-year and 40.3% quarter-on-quarter.
In contrast, the cloud and other sectors recorded revenue of KRW 111.1 billion, up 3.9% year-on-year and 17.1% quarter-on-quarter.
CEO Soo-yeon Choi said, “2022 was a year in which we made significant investments to take a greater leap forward as a global company and strengthen the substance for growth.” Naver plans to continue its efforts to become a leading platform company in the future.