Coupang Shares Drop as Net Loss Expands 87% in Q3

A general view shows the warehouse of South Korean online delivery service Coupang, in Bucheon, south of Seoul, South Korea, on May 27, 2020. (Ed Jones/AFP via Getty Images)

Coupang Inc. reported third-quarter FY21 revenue growth of 48 percent year-on-year to $4.6 billion. Active customers grew 20 percent Y/Y.

Coupang added 8 million square feet of infrastructure YTD in 2021.

Fulfillment center infrastructure for Rocket Fresh, Coupang’s fresh grocery offering, increased by nearly 90 percent YTD through Q3 and is on track to double in 2021.

Coupang Eats is the most downloaded mobile app for Apple Inc.’s iOS and the second most downloaded mobile app for Android in Korea in 2021 to date.

Gross profit increased 62 percent Y/Y to $754.5 million, and the gross margin expanded 130 basis points to 16.2 percent.

The net loss widened to $(323.98) million from $(172.99) million last year. EPS loss for the quarter was $(0.19), missing the consensus of $(0.17).

Coupang held $4.3 billion in cash and equivalents.

Coupang used $207.8 million in operating cash flow during the nine months ended September 30.

Price Action

CPNG shares traded lower by 3.46 percent at $28.18 in the premarket session on the last check Friday.

By Anusuya Lahiri 

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