Naver achieved its highest-ever quarterly performance, recording consolidated revenue of 3.3888 trillion won in the second quarter of 2024. This represents a 16% increase year-over-year, with the integration of AI into core businesses such as advertising and commerce serving as the primary growth driver. The expansion of its global C2C business also contributed to the revenue increase. However, operating profit fell short at 520.3 billion won, down 0.2%, due to increased investment in AI infrastructure.

■ Platform and Advertising: AI Contributes Over 60%

Platform division revenue rose 12.3% year-over-year to 1.9022 trillion won. In particular, AI-based ad placement optimization and advanced targeting proved effective, with AI contributing to over 60% of advertising revenue growth. Driven by the expansion of the commerce ecosystem, service revenue grew 31.3%.

AI Briefing advertising is also showing initial results. Compared to existing search ads, the click-through rate was over 30% higher, and the purchase conversion rate was more than three times higher.

■ Financial Platform: Naver Pay Transaction Volume Rises 21%

The financial platform division recorded revenue of 470.7 billion won, growing 16.0%. In the second quarter, Naver Pay (Npay) transaction volume reached 25.2 trillion won, up 21% year-over-year. Naver plans to strengthen its ecosystem competitiveness and generate new revenue by expanding its offline terminal 'Npay Connect' and integrating online and offline data.

■ Global C2C: Wallapop, Poshmark, and SODA Lead Growth

In its global challenge areas, the C2C business recorded revenue of 1.0159 trillion won, increasing 24.4% year-over-year. Notably, the transaction volume and revenue of global platforms such as Wallapop, Poshmark, and SODA surged 74.9%, demonstrating a remarkable growth trajectory.

Content revenue saw a modest increase of 0.5%, while the enterprise division grew 21.3%, driven by the expansion of B2B sales related to AI and digital twins.

■ Partnership with NVIDIA... AI Factory Revenue Expected from First Half of Next Year

Naver recently established a strategic partnership with NVIDIA. The strategy aims to reduce the initial capital burden of the AI factory business while laying the groundwork for rapid business expansion. CEO Choi Soo-yeon stated, 'By leveraging the NVIDIA ecosystem and Naver's base of enterprise and public sector customers, we will secure new growth drivers in the global AI computing market.' Naver projects that revenue related to the AI factory business will begin to materialize in the first half of next year.