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Coupang extends profit streak in Q4, logs record annual net revenue

09:34 March 01, 2023

SEOUL, March. 1 (Yonhap) -- Coupang Inc. said Wednesday it posted a profit for the second consecutive quarter in the final three months of last year on operational improvements.

The South Korean e-commerce giant's net income came to US$102.1 million in the October-December period last year, compared with a net loss of $405 million in the same period a year earlier, the New York-listed e-commerce titan said in a regulatory filing.

This marks the second consecutive quarter for the e-commerce giant to post a profit, following its first-ever quarterly net income in the July-September period last year.

Coupang's gross profit came to $1.3 billion, up 59 percent from the previous year. Net revenue inched up 5 percent to $5.3 billion.

The e-commerce behemoth said its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came to $211 million, compared with a loss of $285.1 million the previous year.

Coupang attributed its quarterly net income to operational improvements resulting from years of continued innovation and investment. A growth in active user numbers and customer spending contributed as well, it said.

By business, net revenue of its product commerce division increased 5 percent to $5.2 billion.

The top line for new business areas, including the food delivery service Coupang Eats and the video streaming service Coupang Play, was down 12 percent on-year to $133 million.

For all of 2022, the e-commerce titan failed to post a profit, reporting a net loss of $92 million. This, however, narrowed from a loss of $1.5 billion in 2021.

Gross profit jumped 60 percent to $4.7 billion. Net revenue came to $20.6 billion, up 12 percent, marking its largest annual figure ever, the company said.

Coupang made its landmark debut on the New York stock market in 2021 in an effort to expand its global presence.

Coupang's fulfillment center in Daegu, 237 kilometers southeast of Seoul, is seen in this undated photo provided by the city of Daegu. (PHOTO NOT FOR SALE) (Yonhap)



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