Coupang’s fourth-quarter revenue reached $8.80 billion, falling $100 million short of consensus estimates and resulting in a $26 million loss compared with a profit last year. Active product commerce customers climbed 8% year-over-year to 24.6 million despite the fallout from a November data breach affecting 34 million users.

Barclays raised its price target on Coupang to $24 and kept an Overweight rating following the earnings release. On the same day, Morgan Stanley reduced its target from $31 to $29 while maintaining an Overweight stance, citing improving Korean operating metrics and progress in Taiwan expansion.

Management forecasts first-quarter constant-currency revenue growth of 5% to 10% and anticipates a gradual normalization of operations. Regulatory risks in South Korea are easing, and ongoing investments in logistics and technology continue to underpin the company’s expansion in Korea and Taiwan.