Summary by Moomoo AI
Coupang reported strong Q3 2024 results with net revenues reaching $7.9 billion, up 27% YoY (32% FX-neutral). Gross profit jumped 45% to $2.3 billion, with margin expanding 350 basis points to 28.8%. Product Commerce segment showed robust growth with net revenues up 16% to $6.9 billion and active customers increasing 11% to 22.5 million.Net income was $64 million, with net income attributable to stockholders at $70 million, down $21 million YoY primarily due to Farfetch integration. Excluding Farfetch, net income would have been $108 million. Adjusted EBITDA grew to $343 million with a 4.4% margin, up 50 basis points YoY.The Developing Offerings segment, including Farfetch, saw dramatic growth with revenues up 347% to $975 million. Excluding Farfetch, the segment grew 146% YoY. The company achieved near break-even profitability in Farfetch operations earlier than planned, while maintaining focus on customer experience and operational excellence.
