SEATTLE - Coupang, Inc. (NYSE:CPNG) reported third-quarter earnings that surpassed analyst expectations, but its stock fell 3.5% in after-hours trading.
The South Korean e-commerce giant posted adjusted earnings per share of $0.06, beating the analyst estimate of $0.01. Revenue for the quarter came in at $7.87 billion, exceeding the consensus estimate of $7.77 billion and representing a 27% increase YoY on a reported basis and 32% YoY on an FX-neutral basis.
Gross profit surged 45% YoY to $2.3 billion, with gross profit margin improving by 350 basis points to 28.8%. The company's Product Commerce segment, which includes its core e-commerce business, saw net revenues rise 16% YoY to $6.9 billion.
Gaurav Anand, CFO of Coupang, commented on the results, stating, "This quarter we continued the strong momentum we've seen throughout this year, delivering robust growth in revenues and margins."
The company's Developing Offerings segment, which includes international operations, Coupang Eats, and Farfetch (OTC:FTCHQ), experienced significant growth with net revenues up 347% YoY to $975 million. However, this segment reported an adjusted EBITDA loss of $127 million, widening by $34 million YoY.
Coupang's active customer base in its Product Commerce segment grew 11% YoY to 22.5 million. The company also noted that its newer offerings, such as Fulfillment and Logistics by Coupang (FLC) and R.Lux, a luxury offering, represent significant growth opportunities.
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