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