Summary by Moomoo AI
Coupang reported strong Q3 2024 financial results with total net revenues increasing 27% year-over-year to $7.87 billion, driven by 16% growth in net retail sales and 99% growth in net other revenue. The company's Product Commerce segment saw continued expansion with active customers growing 11% to 22.5 million, while net revenue per active customer rose 4% to $307.Operating income grew 24% to $109 million despite increased investments in technology and infrastructure. The acquisition of Farfetch contributed $439 million to quarterly revenue while Product Commerce adjusted EBITDA increased 18% to $470 million, demonstrating core business strength. However, net income declined 30% to $64 million due to Farfetch integration costs and higher effective tax rates.The company maintained strong liquidity with $5.82 billion in cash and cash equivalents, while generating $334 million in operating cash flow. Management highlighted operational efficiencies and supply chain optimization that improved gross margins, though continued investments in growth initiatives and developing offerings partially offset these gains. The Farfetch acquisition marks Coupang's strategic expansion into the global luxury fashion market.
