“Korean Google” Naver Corp earned $73.4 million in cloud revenue in Q1
Published 30 April 2021
South Korea’s Naver Corporation reported an operating revenue of $73.4 million (81.7 billion KRW) for its cloud computing services, a record 71.1 percent increase year-on-year.
The internet services company, which owns and runs South Korea’s national search engine Naver, released its latest financial results for the first quarter of 2021. The Naver search engine, fintech, e-commerce, and cloud, raked in a total revenue of $1.35 trillion (1499.1 billion KRW), a 28 percent increase year-on-year.
Naver’s dramatic revenue increase in its cloud business can be attributed to continued remote work in the country due to the COVID-19 pandemic. In the previous quarter the company also supported cloud infrastructure adoption for Korea University Anam Hospital by migrating a Personalised Hospital Information System.
Naver Corp’s international tech expansion
Founded in 1999, Naver Corporation owns South Korea’s national search engine Naver, which is commonly referred to as “Korean Google” due to its dominance in the country. The company also owns Line, a popular instant messaging app widely used in South Korea and parts of Asia.
Most of Naver’s revenue comes from its domestic services, but in mid-April it was revealed that the company is planning for an international expansion.
Chief Financial Officer Park Sang Jin revealed in an interview that Naver is considering an IPO in the US. Its webtoon publishing arm, Naver Webtoon, has also recently acquired Wattpad, a Canadian creative writing platform, for $600 million.