Coupang Revenue Tops 14 Trillion Won, but Posts Losses for Third Straight Quarter; Cumulative Net Loss Nears 2 Trillion Won (Updated)

Third-quarter revenue reaches 14.2209 trillion won, up 11% year on year
Operating loss of 642.3 billion won; net loss of 715.1 billion won
Profitability worsens despite top-line growth

Coupang reported revenue of more than 14 trillion won in the third quarter of this year, but remained in the red with an operating loss in the 600-billion-won range. Revenue grew by double digits year over year, but both operating income and net income swung to losses. After recording losses for three consecutive quarters this year, its cumulative operating loss exceeded 1.8 trillion won.

Yonhap News Agency

According to Coupang, Inc.'s consolidated third-quarter earnings report filed with the U.S. Securities and Exchange Commission (SEC), revenue for the third quarter of this year was $9.962 billion, up 7% from $9.267 billion in the same period last year.

At the average won-dollar exchange rate of 1,427.52 won for the third quarter of this year, revenue amounted to 14.2209 trillion won. That was an approximately 11% increase from revenue of 12.8455 trillion won, converted into won, in the same period last year. Revenue growth in won was higher than the growth rate in dollar terms.

Despite top-line growth, profitability deteriorated. Coupang, Inc. reported an operating loss of $450 million (approximately 642.3 billion won) in the third quarter. This marked a swing to a loss from operating income of $162 million (approximately 224.5 billion won) in the same period last year.

Coupang, Inc. recorded an operating loss of 354.5 billion won in the first quarter of this year, followed by a wider loss of 835 billion won in the second quarter. The operating loss narrowed in the third quarter compared with the previous quarter, but the company failed to return to profitability. As a result, its cumulative operating loss for the first three quarters of this year reached 1.8318 trillion won.

Net income also swung to a loss. The company reported a net loss of $501 million (approximately 715.1 billion won) in the third quarter, in contrast to net income of $95 million (approximately 131.6 billion won) in the same period last year.

Coupang, Inc. had previously reported net losses of 389.7 billion won in the first quarter and 856 billion won in the second quarter of this year. Its cumulative net loss through the third quarter reached 1.9608 trillion won, approaching 2 trillion won.

This content was produced with the assistance of AI translation services.