2023-11-02 23:25:48
Sales: KRW 2.4453 trillion, operating profit: KRW 380.2 billion
Commerce, content, and cloud ‘good business’… Whale ecosystem ‘expansion’
In the fourth quarter, Saudi Arabia’s targeted and generative AI business begins in earnest.
Naver released its third quarter 2023 performance. The growth trend was maintained compared to the same period last year. Search is stagnant, but new business is good. ▲Commerce ▲Content ▲Cloud showed good performance.
Naver announced on the 3rd that its consolidated sales and operating profit for the third quarter were KRW 2.4453 trillion and KRW 380.2 billion, respectively.
Sales increased by 1.6% compared to the previous quarter and by 18.9% compared to the same period last year. Operating profit increased by 2.0% compared to the previous quarter and by 15.1% compared to the same period last year.
Naver CEO Choi Soo-yeon said, “In the third quarter, we unveiled the generative artificial intelligence (AI) service lineup and monetization roadmap, presenting the future direction of our AI business, and are laying the foundation to continue the growth in each area.” “Including the promotion of the model (digital twin) technology project in Saudi Arabia, Naver will accelerate not only its services but also its global challenges by utilizing its accumulated technological capabilities,” he said.
Sales by business all increased compared to the same period last year, although there are differences in degree. ▲Search platform KRW 898.5 billion ▲Commerce KRW 647.4 billion ▲Fintech KRW 340.8 billion ▲Content KRW 434.9 billion ▲Cloud KRW 123.6 billion. Compared to the same period last year, ▲Search platform increased by 0.3%, ▲Commerce by 41.3%, ▲Fintech by 15.1%, ▲Content by 39.5%, and ▲Cloud by 30.3%.
There is variation in operating profit by business in the third quarter. Search platform and commerce operating profit was 493.3 billion won. Fintech operating profit is 33.4 billion won. Content and cloud are in deficit. They incurred operating losses of 62.1 billion won and 87 billion won, respectively.
The search platform business offset the weakness of the online market with platform advancement and place . The number of place advertisers was 130,000 as of the third quarter. Search sales were 688.2 billion won and display sales were 206.7 billion won. Searches fell 0.1% compared to the previous quarter, but rose 3.5% compared to the same period last year. Display fell 4.9% compared to the previous quarter and 9.5% compared to the same period last year.
Commerce business sales consisted of ▲commerce 282.4 billion won, ▲broadcasting and sales 321.1 billion won, and ▲membership 44 billion won. Commerce increased by 0.7% compared to the previous quarter and by 5.5% compared to the same period last year. Broadcasting and sales surged 3.5% compared to the previous quarter and 105.0% compared to the same period last year. Membership is 4.3% higher than the previous quarter and 29.7% higher than the same period last year. In the case of broadcasting and sales sales, the proportion of ▲brand store ▲travel ▲cream is increasing. As of the third quarter, commerce transaction volume (GMV) was 11.9 trillion won.
Fintech payment volume (TPV) exceeded 15 trillion won. As of the third quarter, it was 15.2 trillion won. The external payment amount is 6.9 trillion won. It exceeded 10.8% compared to the previous quarter and 45.8% compared to the same period last year. Offline payment amount is 1.7 trillion won. Partnering with Samsung Pay was beneficial.
Content is driven by webtoons. Sales are ▲Webtoon 379.8 billion won ▲Snow 49.5 billion won ▲Other 15.6 billion won. Webtoons expanded by 2.8% compared to the previous quarter and by 41.5% compared to the same period last year. The webtoon transaction amount is 479.4 billion won. It is 37.8 billion won higher than the previous quarter. Strengthening the platform, including the success of works embodying intellectual property rights (IP) and AI recommendations, were effective.
Cloud posted ▲business-to-business (B2B) sales of 110.5 billion won and ▲other sales of 13.1 billion won. B2B sales are 11.4% higher than the previous quarter and 19.9% higher than the same period last year. Other sales soared 148.9% compared to the previous quarter and 389.0% compared to the same period last year. Other sales expansion is due to the reflection of Whale Book sales by the Jeonbuk Office of Education. Naver will begin targeting Saudi Arabia in earnest from the fourth quarter.
Meanwhile, Naver became the first information technology (IT) company to issue a Japanese samurai bond last October. In addition, a total of 62.4 billion won in cash was paid out as dividends in the third quarter. On the 7th, it was decided to cancel treasury stocks equivalent to 1% of total issued stocks.
THE ELEC = Reporter Sangho Yoon [email protected]
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