Coupang, Inc., a diversified e-commerce company, reported its Q1 2024 financial results, revealing a significant increase in total net revenues to $7.114 billion, up 23% from $5.801 billion in Q1 2023. Despite this revenue growth, the company experienced a net loss of $24 million, a stark contrast to the $91 million net profit in the previous year. The net income margin turned negative to (0.3)%, down from 1.6%. Adjusted EBITDA saw a 17% increase to $281 million, with a slight decrease in margin from 4.2% to 3.9%. Operating cash flow decreased by 58% to $212 million, and free cash flow plummeted by 74% to $107 million. The Product Commerce segment's adjusted EBITDA surged by 62% to $467 million, while the Developing Offerings segment reported a loss, which was not meaningful to calculate a percentage change. The company's acquisition...Show More

Coupang, Inc., a diversified e-commerce company, reported its Q1 2024 financial results, revealing a significant increase in total net revenues to $7.114 billion, up 23% from $5.801 billion in Q1 2023. Despite this revenue growth, the company experienced a net loss of $24 million, a stark contrast to the $91 million net profit in the previous year. The net income margin turned negative to (0.3)%, down from 1.6%. Adjusted EBITDA saw a 17% increase to $281 million, with a slight decrease in margin from 4.2% to 3.9%. Operating cash flow decreased by 58% to $212 million, and free cash flow plummeted by 74% to $107 million. The Product Commerce segment's adjusted EBITDA surged by 62% to $467 million, while the Developing Offerings segment reported a loss, which was not meaningful to calculate a percentage change. The company's acquisition of Farfetch in January 2024 contributed to the financial dynamics of the quarter. Coupang's business development was marked by the acquisition of Farfetch, a global luxury fashion marketplace, and continued growth in its core retail offerings and nascent services, including Coupang Eats and Coupang Play. Looking ahead, Coupang plans to invest significantly in its growth strategy, particularly in the Developing Offerings segment, and expects to incur several billion dollars in expenditures over the next few years for infrastructure and workforce expansion.