Naver set a record for quarterly revenue for the fifth straight quarter in the first quarter, helped by applying artificial intelligence (AI) to search, ads, and shopping. C2C (consumer-to-consumer) businesses also grew, including North America's Poshmark, Japan's SODA, Spain's Wallapop, and Korea's KREAM.
Naver disclosed on the 30th that first-quarter revenue on a consolidation basis was 3.2411 trillion won, up 16.3% from a year earlier. First-quarter operating profit was 541.8 billion won, up 7.2% on-year. Net profit for the period was 291 billion won, down 31.3% from a year earlier.
The results align with estimates from securities analysts. According to FnGuide, securities analysts projected Naver's first-quarter revenue at 3.1443 trillion won and operating profit at 559.3 billion won. They expected increases of 12.83% and 10.69%, respectively, from a year earlier. Over the same period, net profit was expected to be 495.3 billion won, up 16.90% from a year earlier.