Naver Achieves Record 3.3T Won Q2 Revenue, How Will the 1T Won Share Cancellation Impact Stock Prices?

Naver recorded a record-breaking Q2 revenue of 3.3888 trillion won in 2026, capturing the market's attention. Investors are keenly focused on how the 1 trillion won treasury stock cancellation and the materialization of the 'AI Factory' collaboration with NVIDIA will impact the stock price.

Record Revenue Growth and Mixed Shareholder Return Effects

During its Q2 earnings call, Naver announced that robust growth in its commerce and cloud sectors drove it to achieve record-high revenue, although operating profit slightly decreased due to large-scale investment costs, such as AI infrastructure expansion.

The most highlighted aspect was its shareholder return policy. On August 3, Naver completed the cancellation of approximately 1 trillion won worth of its treasury stock (about 4.9 million shares, or 3.1% of total issued shares). However, due to a recent third-party allotment capital increase of about $1 billion targeting NVIDIA (issuing 7.24 million new shares), some market analysts note that the total number of outstanding shares has actually increased. This structural offset has led to concerns that the short-term enhancement in shareholder value might be limited.

NVIDIA 'AI Factory' Business Revenue Expected in H1 Next Year

A major positive takeaway from the earnings call was the smooth progression of the 'AI Factory' business. The enterprise AI infrastructure project, built on a strong partnership with global AI leader NVIDIA, is on track, and Naver projected that concrete revenue will begin generating in the first half of next year. Amid recent fatigue in global tech stocks, this acts as a critical catalyst proving Naver's mid-to-long-term B2B AI monetization model.

FAQ: Top Questions from Investors

• Q. Why is the stock rebound slow despite the massive share cancellation?
  A. Although 1 trillion won worth of treasury shares (4.9M shares) were canceled, the new share issuance to NVIDIA (7.24M shares) was larger, resulting in a net increase in total shares. The market is taking a wait-and-see approach as the short-term EPS (Earnings Per Share) improvement effect has been diluted.
• Q. What is the significance of the Naver-NVIDIA AI Factory collaboration?
  A. It goes beyond a simple technical alliance, positioning Naver as a key AI infrastructure provider in Asia. It is a positive signal that the company's massive AI investments are finally entering a phase of tangible B2B revenue generation.