2024-05-04 09:10:24 ET
NAVER Corporation (NHNCF)
Q1 2024 Earnings Conference Call
May 2, 2024 8:00 PM ET
Company Participants
Soo-yeon Choi – Chief Executive Officer
Nam-Sun Kim – Chief Financial Officer
Conference Call Participants
Eric Cha – Goldman Sachs
Seyon Park – Morgan Stanley
Donghwan Oh – Samsung Securities
Presentation
Unidentified Company Representative
Good morning. I would like to thank the analysts and investors for joining NAVER's 2024 Q1 Earnings Presentation. As always, we have CEO, Soo-yeon Choi, and CFO, Nam-Sun Kim, joining us on our call today to walk you through NAVER's business highlights and strategies and financial highlights, after which, we will entertain your questions.
Please note that the earnings results are K-IFRS based provided for timely communications and have not yet been audited by an independent auditor and hence are subject to change after such review.
With that, I will turn it over to our CEO to present on business highlights.
Soo-yeon Choi
Good morning. I'm Soo-yeon Choi, the CEO. NAVER underwent organizational restructuring in early April, dividing its existing five CIC into 12 specialized units, product and platform focused on developing and designating new user experiences and technologies, business and services dedicated to exploring new business opportunities in enhancing services and content involved in discovering and delivering content types teller-to-user needs.
With this reshuffle, we aim to specialize and refine expertise in advertising, shopping and local markets to respond nimbly to market trends and proactively uncover new business opportunities. At the same time, through the product and platform unit, we aim to harness NAVER's core technologies such as AI, data and search, to provide differentiated experiences, fostering long-term technological growth and accelerating the strengthening of NAVER's capabilities.
Based on the related organizational structure, we plan to gradually introduce high-quality personalized content and feed format on suitable platforms from April onwards, starting with the sulfur service Club and home feed launched in the second half of last year and thereby ensure uninterrupted content exploration and consumption experiences. Such fee-based content experience will result in the increase our time spent within the NAVER ecosystem, creating opportunities for seamless exposure of context-based advertising content.
Ultimately, tailored advertisements will be delivered to users, enhancing advertising efficiency and contributing to the strengthening of NAVER's capabilities as a media platform. In Q1, the revenue from the search platform business are increased by 6.3% year-on-year to KRW905.4 billion. Search revenue grew by 6.2% year-on-year driven by expanded ad creatives in Power length and the introduction of competitive bidding with in-place ads....
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NAVER Corporation (NHNCF) Q1 2024 Earnings Call Transcript