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Coupang | 8-K: Coupang Announces Results for Third Quarter 2024

SEC ·  Nov 5 16:11

Summary by Moomoo AI

On November 5, 2024, Coupang, Inc., a technology company listed on the New York Stock Exchange under the symbol CPNG, reported its financial results for the third quarter of 2024. The company announced a net revenue of $7.9 billion, marking a 27% increase year-over-year (YoY) and a 32% increase on a foreign exchange-neutral basis. Gross profit for the quarter was reported at $2.3 billion, a 45% increase YoY, with a gross profit margin of 28.8%. Net income attributable to Coupang stockholders was $70 million, a decrease from the previous year's $91 million. The diluted earnings per share (EPS) was 4 cents, down from 5 cents the previous year, primarily due to operating losses at Farfetch, a luxury fashion retail platform Coupang acquired. Excluding Farfetch, the net income attributable to...Show More
On November 5, 2024, Coupang, Inc., a technology company listed on the New York Stock Exchange under the symbol CPNG, reported its financial results for the third quarter of 2024. The company announced a net revenue of $7.9 billion, marking a 27% increase year-over-year (YoY) and a 32% increase on a foreign exchange-neutral basis. Gross profit for the quarter was reported at $2.3 billion, a 45% increase YoY, with a gross profit margin of 28.8%. Net income attributable to Coupang stockholders was $70 million, a decrease from the previous year's $91 million. The diluted earnings per share (EPS) was 4 cents, down from 5 cents the previous year, primarily due to operating losses at Farfetch, a luxury fashion retail platform Coupang acquired. Excluding Farfetch, the net income attributable to Coupang stockholders was approximately $108 million for the quarter, and the diluted EPS was 6 cents. The company's adjusted EBITDA for the quarter was $343 million, with a margin of 4.4%, up from the previous year. Operating cash flow for the trailing twelve months was $1.8 billion, a decrease from the previous period, mainly due to non-recurring working capital benefits in the prior year. Free cash flow for the trailing twelve months was $935 million, also a decrease YoY. Coupang's Product Commerce segment saw net revenues of $6.9 billion, a 16% increase YoY, and the segment's active customers grew by 11% to 22.5 million. The Developing Offerings segment, which includes Coupang Eats, Play, Fintech, and Farfetch, reported net revenues of $975 million, a significant increase of 347% YoY. Coupang's CFO, Gaurav Anand, highlighted the company's strong momentum, growth in revenues and margins, and the achievement of near break-even profitability in Farfetch earlier than planned.

This announcement is a separate document:

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