
Naver CEO Choi Soo-yeon delivering a keynote speech. Industry analysts believe her reappointment is highly likely, citing her ability to drive consistent revenue growth while successfully expanding into AI, a key area for future growth. (Image courtesy of Yonhap)
SEOUL, Jan. 19 (Korea Bizwire) — Naver, South Korea’s leading internet platform company, is expected to surpass 10 trillion won ($7.6 billion) in annual revenue for 2024, setting a new record.
According to financial projections compiled by Yonhap Infomax, Naver’s revenue for last year is estimated to have grown by 10.15% to reach 10.65 trillion won, up from 9.67 trillion won in 2023.
Operating profit for 2024 is forecasted at 1.96 trillion won, a significant 31.97% increase from the previous year. Fourth-quarter revenue alone is projected at 2.8 trillion won, up 10.35% year-over-year, with operating profit estimated at 528.8 billion won, a 30.42% increase.
Strong Growth Across All Segments
Naver’s record-breaking performance reflects balanced growth across its platform and business divisions. The company achieved its highest-ever quarterly results in the third quarter of 2024, with revenue increasing by 11.1% year-over-year and operating profit surging 38.2%.
Analysts attribute Naver’s success to its efforts in personalization and inventory expansion through platform upgrades.
KB Securities highlighted Naver’s plans to launch a standalone shopping app, Naver Plus Store, in early 2025, which is expected to strengthen customer retention and further enhance its e-commerce presence.
However, analysts also pointed to challenges ahead, including intensifying competition with Coupang. Daishin Securities emphasized the need for Naver to address market expectations in 2025 by leveraging its revamped commerce strategy to reclaim market share.

Jeong Shin-ah, CEO of Kakao, delivering a keynote speech. Kakao plans to streamline non-core businesses in its content division, focus on its gaming sector, and further enhance its efforts in AI service development. (Image courtesy of Yonhap)
Kakao Struggles Amid Industry Challenges
Meanwhile, rival Kakao posted more modest results. Its 2024 revenue is projected to rise by 4.73% to 7.91 trillion won, with operating profit increasing by 11.98% to 516.1 billion won.
However, Kakao’s fourth-quarter operating profit is expected to decline by 3.43% year-over-year to 131.3 billion won, highlighting its struggle with declining performance in its content division.
Kakao plans to rebound by refocusing on its gaming and artificial intelligence (AI) initiatives while scaling back non-core content businesses.
CEO Jeong Shin-ah has indicated that structural changes, including updates to KakaoTalk’s interface and new business models, are in the pipeline for 2025 to reinvigorate growth.
Industry Outlook
Both Naver and Kakao face intensifying competition and shifting market conditions. While Naver is poised to maintain its growth trajectory through platform enhancements and cost-efficiency, Kakao’s recovery depends on successful implementation of its strategic realignments.
The performance of these two tech giants will be closely watched as they navigate the evolving digital economy.
Kevin Lee (kevinlee@koreabizwire.com)