E-commerce giant Coupang swings to profit in Q3, the first since 2014

All News 07:52 November 10, 2022

SEOUL, Nov. 10 (Yonhap) -- E-commerce giant Coupang Inc. said Thursday it swung to the black in the third quarter for the first time since 2014, when it introduced its ultra-fast delivery service, Rocket Delivery.

Net income came to US$90.7 million in the July-September period, compared with a net loss of $324 million during the same period of last year, the New York-listed e-commerce titan said in a regulatory filing.

Coupang's operating profit came to $77.4 million, marking the first positive figure since 2014. The e-commerce giant logged an operating loss of $67.14 million in the previous quarter.

Sales grew 10 percent on-year to $5.1 billion in the third quarter.

Coupang said sales of its product commerce division, which includes its Rocket Delivery service, also advanced 10 percent from a year earlier to $49.5 billion.

The number of active customers inched up on-year by 7 percent, though the increase in spending per customer was slightly lower at 3 percent.

The top line of its new business areas, including the food delivery service Coupang Eats and video streaming service Coupang Play, inched down 6 percent from a year earlier to $154.2 million.

The company attributed its first net profit and operating income since 2014 to improved profitability, stemming from its continued investments in tech and efforts to optimize supply chain and business processes.

The e-commerce behemoth said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came to $195 million, compared with a deficit of $207.4 million last year.

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