Overview Key strengths Key risks Strong position in Korea's online advertising and e-commerce markets. High geographic and business concentration, with most of the profit generated from marketing of search engine in Korea. Good operating performance, with double-digit EBITDA margins. Smaller operating scale than global peers'. Large user base in Korea, with strong customer engagement. Expansion into new businesses such as fintech, content, and cloud services that have low margins or are loss-making. Robust free cash flows despite large capital investments. Intense competition in the online advertising and e-commerce markets. This is given the company will likely remain the largest internet search engine in Korea, with a strong online advertising business. Naver?s suite of services, including online content, community, and digital
