Q3 2024 Naver Corp Earnings Call (English, Korean) Transcript
Key Points
- NAVER Corp (XKRX:035420) reported a significant increase in operating profit, achieving an all-time high of KRW525.3 billion, up 38.2% YoY and 11.1% QoQ.
- The company's search platform experienced double-digit growth for the first time in 10 quarters, driven by enhanced AI capabilities and expanded content offerings.
- Naver Pay's total payment volume (TPV) increased by 22.1% YoY, with non-captive TPV growing by 38% YoY, indicating strong performance in the fintech segment.
- Webtoon revenue grew by 11.6% YoY and 10.7% QoQ, with paid content revenue and advertising revenue both showing significant increases.
- Naver Cloud's B2B business is expanding, with revenue from the digital twin project in Saudi Arabia contributing to growth for the first time.
- Poshmark's growth has slowed due to a sluggish North American C2C market, impacting overall commerce performance.
- Despite improvements, the company's commerce advertisement revenue remains relatively low, indicating room for growth.
- The macroeconomic environment remains uncertain, which could impact future growth projections for the search platform.
- The introduction of Naver Plus Store as a standalone application may pose challenges in migrating users from the search platform.
- There are concerns about the decline in price comparison traffic, which has been a key capability for NAVER Corp (XKRX:035420).
(spoken in Korean) Good morning, we will now begin Naver's 2024 Q3 earnings conference call. For the convenience of our investors joining from home and abroad, we will provide simultaneous interpretation for the presentation and switch to consecutive interpretation for the Q&A session.
Analysts, investors, good morning. I am Paul Choi from the Capital Markets office. Thank you for joining Naver's Q3 2024 earnings call.
As always, we have CEO, Soo-yeon Choi; and CFO, Nam-sun Kim joining us on our call today to provide an overview of our business status, strategy, and financial performance, after which we will entertain your questions.
Please note that the earnings results are KIFRS-based, provided for timely communication, and have not yet been audited by an independent auditor, and hence are subject to change after such review.
With that, I will turn it over to our CEO to present on the business highlights.
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