Coupang, Inc. Class A ( (CPNG) ) has released its Q3 earnings. Here is a breakdown of the information Coupang, Inc. Class A presented to its investors.
Coupang, Inc. is a technology company listed on the NYSE, offering services in retail, restaurant delivery, video streaming, and fintech sectors, known for its Rocket Delivery service. In its third-quarter earnings report for 2024, Coupang announced net revenues of $7.9 billion, marking a 27% year-over-year increase. The company’s gross profit rose by 45% to $2.3 billion, with a gross profit margin improvement of 350 basis points. However, net income attributable to Coupang stockholders saw a decline, recorded at $70 million, down from last year, primarily due to losses from its recent acquisition, Farfetch. The Product Commerce segment showed strong performance with net revenues reaching $6.9 billion, a 16% year-over-year growth, and an increase in active customers by 11% to 22.5 million. Meanwhile, the Developing Offerings segment, which includes new ventures like Coupang Eats and international operations, saw a staggering 347% increase in net revenues. Despite a decrease in net income, the company achieved an adjusted EBITDA of $343 million, indicating a solid operational performance. Looking ahead, Coupang’s management remains optimistic, emphasizing continued growth in newer offerings such as Fulfillment and Logistics and reaching near break-even profitability in its Developing Offerings segment earlier than anticipated.
