Naver founder to return as board chair; 2024 earnings solid

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Naver founder to return as board chair; 2024 earnings solid - Korea Economic Daily

Quick Summary:

RECORD SALES IN 2024 Earlier Friday, Naver announced that it posted 1.98 trillion won in operating profit in 2024, up 32.9% from the prior year.Annual sales reached 10.74 trillion won, topping 10 trillion won for the first time since its inception with an 11% on-year gain.

Naver’s search engine business raked in 3.95 trillion won in revenue, up 9.9% after offering tailored content to different users.Naver controlled 64.6% of Korea’s search engine market in the first 15 days of January, followed by Google with a 27.1% share.

During an earnings conference call later Friday, Choi said Naver is open to using large language models developed by its rivals.“Naver has its proprietary AI model so I think we are flexible in adopting other LLMs,” Choi said, adding that China’s DeepSeek is an innovative AI model, heightening expectations that any latecomer in the generative AI world could crack the market dominance.