NAVER Q3 Revenue Up 15.6% to KRW 3.14 Trillion

SEOUL, South Korea — NAVER Corp. reported third-quarter revenue of KRW 3,138.1 billion (US$2.26 billion), a 15.6 percent increase from KRW 2,715.6 billion in the same period of 2024, according to earnings results released Wednesday.

Net profit reached KRW 734.7 billion (US$528.6 million), up 38.6 percent from KRW 530.1 billion a year earlier.

Operating profit totaled KRW 570.6 billion (US$410.5 million), an 8.6 percent increase from KRW 525.3 billion in the third quarter of 2024, the company stated.

The operating margin was 18.2 percent for the quarter, compared with 19.3 percent in the year-earlier period.

Revenue from the commerce division was KRW 985.5 billion (US$708.9 million), a 35.9 percent increase from KRW 725.4 billion in the third quarter of 2024.

Smartstore's gross merchandise volume increased 12.3 percent year-on-year, according to the company.

Search platform revenue was KRW 1,060.2 billion (US$762.6 million), up 6.3 percent from KRW 997.7 billion a year earlier.

Total advertising revenue across NAVER’s platform rose percent year-over-year, according to the company.

Fintech revenue was KRW 433.1 billion (US$311.6 million), an increase of 12.5 percent from KRW 385.1 billion in the prior year period.

The total payment value was KRW 22.7 trillion (approximately US$16.3 billion), representing a 21.7 percent year-over-year increase.

The non-captive payment value was KRW 12.5 trillion (approximately US$9.0 billion), representing a 31.2 percent increase from the same quarter in 2024.

Content division revenue was KRW 509.3 billion (US$366.4 million), up 10.0 percent from KRW 462.8 billion the previous year.

Revenue from SNOW increased 24.3 percent year-over-year, while Webtoon revenue rose 11.3 percent, the company said.

Enterprise revenue was KRW 150.0 billion (approximately US$107.9 million), up 3.8 percent from KRW 144.6 billion in the third quarter of 2024.

Operating expenses totaled KRW 2,567.4 billion (US$1.85 billion), up 17.2 percent from KRW 2,190.3 billion in the year-earlier quarter.

Development and operations expenses totaled KRW 749.8 billion (US$539.3 million), representing a 14.2 percent increase from KRW 656.9 billion.

Infrastructure expenses were KRW 218.6 billion (US$157.3 million), up 22.7 percent from KRW 178.1 billion.

Marketing expenses were KRW 502.0 billion (US$361.2 million), compared with KRW 417.3 billion a year earlier, the company said.

Daily active users of the company’s home feed application exceeded 10 million during the quarter, NAVER reported.

NAVER acquired Security Plus Unlisted in September. The company also established a joint venture with Saudi Arabia's Ministry of Housing and launched LINE WORKS in Taiwan during the quarter.

As of September 30, consolidated cash, cash equivalents, and short-term financial instruments totaled KRW 8,091.8 billion (US$5.82 billion), compared with KRW 7,490.2 billion at March 31.

Borrowings and debentures were KRW 2,886.5 billion (US$2.08 billion), down from KRW 3,258.0 billion at the end of the first quarter.