Carrot announced on the 28th that its separate sales last year amounted to 189.1 billion won, a 48% increase compared to the previous year. During the same period, its operating profit surged 3.8 times to 37.6 billion won, compared to 9.9 billion won the previous year.
The operating profit and net profit under consolidation were recorded at 2.5 billion won and 8.4 billion won, respectively. This marks the first time the company has achieved a profit in both consolidated operating profit and net profit this year.
The company noted that its advertising business led the performance. Last year, Carrot's advertising revenue increased by 48% compared to the previous year. The number of advertisers grew by 37% year-on-year, and the number of executed ads rose by 52%.
The cumulative number of subscribers was reported to be around 43 million. The weekly active users (WAU) nearly reached 14 million.
The company stated, “Carrot is becoming an essential everyday service, with in-app stay time reaching a new high every year,” and added, “This year, we will continue to innovate through service enhancement that incorporates artificial intelligence (AI) technology and organizational operations.”
Carrot is also accelerating its global market strategy. Since launching its global expansion in 2019, Carrot has been operating in over 1,400 regions across four countries, including Canada, the United States, Japan, and the United Kingdom. In February this year, it surpassed 2 million cumulative subscribers in Canada, proving its potential in overseas markets, and plans to expand its service areas across North America within the next five years through more aggressive investments.
Hwang Do-yeon, the CEO of Carrot, stated, “Despite the challenging environment last year, we achieved results through global investments and established a solid financial structure at the same time,” and added, “We plan to continuously pursue investments and technological innovations to solidify our position as a leader in the hyperlocal market.”