- Thanks to robust growth in all core business segments, NAVER's quarterly sales rose 19.1% YoY and 0.6% QoQ, while the operating profit rose 16.1% on year

November 07, 2022

NAVER Corporation (KRX: 035420) today announced financial results for the third quarter of 2022. The company reported sales (operating revenue) of KRW 2.57 trillion, operating profit of KRW 330.2 billion, and adjusted EBITA of KRW 463.7 billion.

NAVER's quarterly consolidated operating revenue reached KRW 2.57 trillion, up 19.1% YoY and 0.6% QoQ. Quarterly consolidated operating profit recorded KRW 330.2 billion, decreasing 5.6% YoY and 1.8% QoQ. However, adjusted EBITDA, excluding the effects of depreciation costs related to investments in infrastructure such as IDC facilities and stock-based compensation expenses affected by stock price fluctuations, was KRW 463.7 billion, up 7.2% QoQ, with adjusted EBITDA profit margin improving by 1.4%p.

By business segment, NAVER's operating revenue in Q3 from Search was KRW 896.2 billion; Commerce, KRW 458.3 billion; Fintech, KRW 296.2 billion; Content, KRW 311.9 billion; and Cloud, KRW 94.8 billion.

Search revenue grew 8.0% YoY and dropped 1.0% QoQ, recording KRW 896.2 billion. Search ads posted a solid growth of more than 10% YoY.

Commerce revenue rose 19.4% YoY and 4.3% QoQ to KRW 458.3 billion driven by commerce ads, Brand Store, and increased membership subscribers. The quarterly Gross Merchandise Value (GMV) of NAVER Shopping recorded KRW 10.5 trillion.

Fintech revenue rose 22.5% YoY and 0.2% QoQ to KRW 296.2 billion. NAVER Pay's total payment value (TPV) reached KRW 12.4 trillion, up 27.7% YoY and 3.3% QoQ.

Content revenue rose 77.3% YoY and 3.9% QoQ to KRW 311.9 billion. WEBTOON's revenue increased 18.1% YoY and 11.9% QoQ to KRW 457 billion in the quarter.

The revenue of other business segments including NAVER Cloud fell 1.5% YoY and 9.6% QoQ to KRW 94.8 billion.

"NAVER showed stable performance in the third quarter thanks to our diversified portfolio. Along with the acquisition of Poshmark, new ad products, NAVER's Arrival Guarantee solution, Open Talk, and Issue Talk, NAVER will be making endeavors to find more diverse and new growth engines. We will be creating synergistic effects between different business segments by efficiently running organizations through the integration of B2B business organizations and pioneering new markets to ensure continued growth." said NAVER CEO Choi Soo-yeon.


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[Table] 3Q 2022 NAVER Earnings

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Naver Corporation published this content on 07 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2022 09:38:07 UTC.