Coupang logs $5.8b in revenue, net income recovers

Photo credit: Coupang

South Korea’s Coupang hauled in US$5.8 billion in net revenue in the second quarter of the year, recording a 16% growth over the same quarter in 2022.

The ecommerce giant also generated US$1.5 billion in profit, up 32% from the same period a year ago. Net income also swung into the green at US$145.2 million from a net loss of US$75.5 million in Q2 2022.

Gaurav Anand, Coupang’s CFO, said the company continues to see growth on the back of its “unmatched investment in technology and infrastructure and an unwavering focus on wowing the customer.”

In the same quarter, Coupang said it saw a 10% year-over-year growth in active customers, hitting 19.7 million. That said, there is still room for growth, as the company only has “a single-digit share of a massive retail market,” Anand said.

In its home country, Coupang competes with the likes of G-Market, Interpark, and 11Street.

One of the company’s newer avenues for growth include its recent entry into the Korean online beauty market. In July, Coupang launched luxury beauty offering Rocket Luxury, allowing users to purchase high-end products from companies like Bobby Brown and Estee Lauder.

Meanwhile, the company said operating cash flow for the last 12 months was at US$2 billion.

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