Company Reports

Naver's second-quarter 2026 revenue increased by 16.2%, with operating profit flat. Naver platform (includes search and commerce) revenue growth was 12.3%, with financial technology growing at 16%.

For the past 15 years, Naver has led the South Korean internet search market, through which it generates decent revenue growth, high margins, and strong cash flow. While Google has been taking share in the overall search market, we estimate that Naver retains around two-thirds of the overall search market and a higher share of lucrative local South Korean searches, which it monetizes primarily through display advertising and paid search placements. Naver’s strategy has been to leverage its strong search business to build an integrated internet platform by adding other services, including e-commerce, financial technology, content production, and cloud services. However, we see the rise of artificial intelligence as introducing uncertainty to Naver's key search market, due to human AI searches replacing traditional searches and the prospect of AI agents replacing human-led searches. Several studies indicate that human AI searches result in significantly fewer clicks through to other websites than traditional searches do. AI agents are also becoming available to handle the entire shopping process, from product discovery and price comparison to final checkout, on behalf of a human user. This could negatively affect Naver's search and e-commerce business, which is built on human search and shopping.

Naver announced a plan to jointly develop and operate large-scale global artificial intelligence factories through a strategic partnership with Nvidia. The market reacted positively to the announcement, with the stock up 9% on a day when the KOSPI was down 8%.

Naver's first-quarter revenue increased 16%, with operating profit up 7%. Lower nonoperating income, mainly foreign-exchange losses, drove net profit down 31%. Naver Platform (search and e-commerce) grew revenue by 15%, with financial platform growth of 19%.

For the past 15 years, Naver has led the South Korean internet search market, through which it generates decent revenue growth, high margins, and strong cash flow. While Google has been taking overall search market share, we estimate that Naver retains around two-thirds of the overall search market and a higher percentage of the lucrative local South Korean searches, which it monetizes primarily through display advertising and paid search placements. Naver’s strategy has been to use this strong search business to build an integrated internet platform business by adding other services including e-commerce, financial technology, content production, and cloud services. However, we see the rise of artificial intelligence as introducing uncertainty to Naver's key search market, due to human AI searches replacing traditional searches and the prospect of AI agents replacing human-led searches. Several studies indicate that human AI searches result in significantly fewer clicks through to other websites than traditional searches do. AI agents are also becoming available that can handle the whole shopping process, from product discovery and price comparison to final checkout, on behalf of a human user. This could negatively affect Naver's search and e-commerce business, which is built on human search and shopping.

Naver continues to invest heavily in artificial intelligence, but we see AI as a threat to Naver's dominant local search function.

For the past 15 years, Naver has led the South Korean internet search market, through which it generates decent revenue growth, high margins, and strong cash flow. While Google has been taking overall search market share, we estimate that Naver retains around two thirds of the overall search market and a higher percentage of the lucrative local South Korean searches, which it monetizes primarily through display advertising and paid search placements. Naver’s strategy has been to use this strong search business to build an integrated internet platform business by adding other services including e-commerce, financial technology, content production, and cloud services. However, we see the rise of artificial intelligence as introducing uncertainty to Naver's key search market, due to human AI searches replacing traditional searches and the prospect of AI agents replacing human-led searches. Several studies indicate that human AI searches result in significantly fewer clicks through to other websites than traditional searches do. AI agents are also becoming available that can handle the whole shopping process, from product discovery and price comparison to final checkout, on behalf of a human user. This could negatively affect Naver's search and e-commerce business, which is built on human search and shopping.

Naver's fourth-quarter revenue increased by 11%, with operating profit up 13%. Underlying search revenue growth slowed to 2%, with commerce again very strong at 36% and financial technology growing 13%.

For the past 15 years, Naver has led the South Korean internet search market, through which it generates decent revenue growth, high margins, and strong cash flow. While Google has been taking overall search market share, we estimate that Naver retains around two thirds of the overall search market and a higher percentage of the lucrative local South Korean searches, which it monetizes primarily through display advertising and paid search placements. Naver’s strategy has been to use this strong search business to build an integrated internet platform business by adding other services including e-commerce, financial technology, content production, and cloud services. Naver has not yet been able to monetize these other businesses to the same extent as its search business but has strong number one or two positions in most of them in the South Korean market.

Naver's third-quarter 2025 revenue increased by 16% with operating profit up 8.6%. Search revenue growth was solid at 6.3% with commerce very strong at 36% and fintech growing 12%.

For the past 15 years, Naver has led the South Korean internet search market, through which it generates decent revenue growth, high margins, and strong cash flow. While Google has been taking overall search market share, we estimate that Naver retains around two thirds of the overall search market and a higher percentage of the lucrative local South Korean searches, which it monetizes primarily through display advertising and paid search placements. Naver’s strategy has been to use this strong search business to build an integrated internet platform business by adding other services including e-commerce, financial technology, content production, and cloud services. Naver has not yet been able to monetize these other businesses to the same extent as its search business but has strong number one or two positions in most of them in the South Korean market.

For the past 15 years, Naver has led the South Korean internet search market, through which it generates decent revenue growth, high margins, and strong cash flow. While Google has been taking overall search market share, we estimate that Naver retains around two thirds of the overall search market and a higher percentage of the lucrative local South Korean searches, which it monetizes primarily through display advertising and paid search placements. Naver’s strategy has been to use this strong search business to build an integrated internet platform business by adding other services including e-commerce, financial technology, content production, and cloud services. Naver has not yet been able to monetize these other businesses to the same extent as its search business but has strong number one or two positions in most of them in the South Korean market.

Naver's second-quarter 2025 revenue increased by 12% with operating profit up 10%. Search revenue growth slowed to 6%, with commerce growing 22% and fintech growing 12%.

Naver's first-quarter 2025 revenue increased by 10% with operating profit up 15%. It's three key profit drivers in search, commerce, and fintech all increased revenue by 11%-12% in a macroenvironment with lower consumer confidence than a year ago.

For the past 15 years, Naver has led the South Korean internet search market, through which it generates decent revenue growth, high margins, and strong cash flow. While Google has been taking overall search market share, we estimate that Naver retains around two thirds of the overall search market and a higher percentage of the lucrative local South Korean searches, which it monetizes primarily through display advertising and paid search placements. Naver’s strategy has been to use this strong search business to build an integrated internet platform business by adding other services including e-commerce, financial technology, content production, and cloud services. Naver has not yet been able to monetize these other businesses to the same extent as its search business but has strong number one or two positions in most of them in the South Korean market.

Naver's fourth-quarter 2024 revenue increased by 14% with operating profit up 34%. Excluding one-off benefits from an LY-related settlement, fourth-quarter revenue increased by 11% with operating profit up 22%.

For the past 15 years, Naver has led the South Korean internet search market, through which it generates decent revenue growth, high margins, and strong cash flow. While Google has been taking overall search market share, we estimate that Naver retains around two thirds of the overall search market and a higher percentage of the lucrative local South Korean searches, which it monetizes primarily through display advertising and paid search placements. Naver’s strategy has been to use this strong search business to build an integrated internet platform business by adding other services including e-commerce, financial technology, content production, and cloud services. Naver has not yet been able to monetize these other businesses to the same extent as its search business but has strong number one or two positions in most of them in the South Korean market.

For the past 15 years, Naver has led the South Korean internet search market, through which it generates decent revenue growth, high margins, and strong cash flow. While Google has been taking overall search market share, we estimate that Naver retains around two thirds of the overall search market and a higher percentage of the lucrative local South Korean searches, which it monetizes primarily through display advertising and paid search placements. Naver’s strategy has been to use this strong search business to build an integrated internet platform business by adding other services including e-commerce, financial technology, content production, and cloud services. Naver has not yet been able to monetize these other businesses to the same extent as its search business but has strong number one or two positions in most of them in the South Korean market.

Naver's third-quarter 2024 revenue increased by 11.1%, with operating profit up 38%. These growth rates are slightly better than the first half and better than our expectations.

For the past 15 years, Naver has led the South Korean internet search market, through which it generates decent revenue growth, high margins, and strong cash flow. While Google has been taking overall search market share, we estimate that Naver retains around two thirds of the overall search market and a higher percentage of the lucrative local South Korean searches, which it monetizes primarily through display advertising and paid search placements. Naver’s strategy has been to use this strong search business to build an integrated internet platform business by adding other services including e-commerce, financial technology, content production, and cloud services. Naver has not yet been able to monetize these other businesses to the same extent as its search business but has strong number one or two positions in most of them in the South Korean market.