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NEW YORK - Coupang, Inc. (NYSE: CPNG) reported fourth quarter 2024 financial results that showed in-line earnings but missed revenue expectations, as the e-commerce company continues to expand beyond its core South Korean market.
CPNG shares were trading 4% higher following the report.
The company reported adjusted earnings per share of $0.01, matching analyst estimates. Revenue came in at $8 billion, below the consensus forecast of $8.35 billion.
Net revenues grew 21% year-over-year on a reported basis and 28% on a constant currency basis. Excluding the recently acquired Farfetch (OTC:FTCHQ) business, revenue growth was 14% as reported and 21% in constant currency.
Gross profit jumped 48% to $2.5 billion, with gross margin expanding 570 basis points to 31.3%. Adjusted EBITDA rose 43% to $421 million, representing a margin of 5.3%.
"2024 was another year of record achievements for Coupang, driven by our dedicated teams and their unwavering commitment to our customers and operational excellence," said Bom Kim, Founder and CEO of Coupang.
The company highlighted strong growth in its developing offerings segment, which includes international markets, food delivery, and fintech services. Segment revenues surged 296% year-over-year to $1.1 billion.
Coupang’s stock rose 1.8% in after-hours trading following the earnings release, suggesting investors were largely satisfied with the results despite the revenue miss.
The company ended the year with 22.8 million active customers, up 10% from the prior year. Operating cash flow for 2024 was $1.9 billion, while free cash flow came in at $1 billion.
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