South Korea's Coupang Q3 revenue beats estimates
CPNG•Coupang's third-quarter revenue rose 7% year over year to $10 billion, beating the $9.70 billion analyst estimate. The company reported a $501 million net loss, adjusted EBITDA of $116 million and repurchased $201 million in shares.
1. Revenue and earnings
Coupang's third-quarter revenue rose 7% year over year to $10 billion, above the $9.70 billion consensus estimate. The company reported a $501 million net loss attributable to stockholders and adjusted EBITDA of $116 million, below the $126.82 million estimate.
2. Fire-related costs
Gross margin was 25.7%. Coupang said gross profit and operating income were negatively affected by costs related to a fire at its Incheon fulfillment center in Korea.
3. Business and repurchases
Net revenues in the Developing Offerings segment rose 23% year over year, while adjusted EBITDA losses narrowed by $23 million. Product Commerce active customers increased 2%, and net revenues per active customer rose 3%. Coupang repurchased $201 million in shares during the quarter and provided no specific financial guidance.
