SEOUL, February 03 (AJP) - South Korean online platform Naver is poised to surpass 10 trillion won ($7.5 billion) in annual revenue for 2024, marking a milestone achieved just six years after reaching 5 trillion won ($3.75 billion) in 2018.
The firm is expected to report revenue of 10.65 trillion won ($8 billion) for 2024, up 10.15 percent year-on-year, according to market forecasts. This makes Naver the eighth company in South Korea to reach the 10 trillion won revenue mark within 25 years of its founding.
New business segments, including e-commerce, accounted for 1.72 trillion won ($1.29 billion), or 63 percent of the company's 2.72 trillion won ($2.04 billion) revenue in the third quarter of 2024. The company's five business divisions all posted growth, with search platform up 11.0 percent, commerce 12.0 percent, fintech 13.0 percent, content 6.4 percent, and cloud services leading at 17.0 percent year-over-year.
The company has consistently invested over 25 percent of its revenue in research and development, spending approximately 16 trillion won ($12 billion) on R&D between 2012 and 2023. This includes development of its large language model, HyperCLOVA X.
Naver plans to expand its AI integration across services in 2025, starting with the launch of "AI Briefing" in its search function within the first quarter. The company will also separate its commerce division into a standalone app called "Naver Plus Store."
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