Coupang reported second quarter net revenues of $8.9 billion, a 4% increase year-over-year, while posting a net loss of $570 million, or -$0.32 per share. This compares to a net income of $32 million in the prior year period. The results were heavily impacted by approximately $410 million in administrative fines, which pushed the company from operating income last year to a significant operating loss.
Key Highlights
- Second quarter revenue grew 4% YoY to $8.9 billion (10% on a constant currency basis), missing analyst estimates of $8.99 billion.
- The company reported a net loss of $570 million and an operating loss of $556 million, primarily driven by a $410 million administrative fine in Korea.
- The Developing Offerings segment was a bright spot, with revenue surging 20% YoY to $1.4 billion, significantly outpacing expectations.
- Product Commerce Active Customers increased by 3% year-over-year to 24.7 million.