Coupang reports record quarterly operating profit in Q2
![[COUPANG]](https://koreajoongangdaily.joins.com/data/photo/2023/08/09/92bea784-485e-4774-91fc-a82353b4be85.jpg)
[COUPANG]
Coupang reported an operating profit of $147.64 million for the second quarter, up 42 percent from the same period last year and staying in the black for four consecutive quarters.
It also marks the e-commerce giant’s biggest quarterly operating profit.
Coupang reported earnings per share of $0.08, surpassing the projected $0.05 for the quarter.
The company’s revenue stood at $5.84 billion, reflecting a 21 percent year-on-year growth. The figure represents the highest quarterly revenue in Coupang’s history, surpassing the market consensus of $5.68 billion.
Net profit was $145 million, rising from the previous year’s loss and marking the company’s highest-ever quarterly net profit.
By business segments, its core product commerce generated $5.68 billion in revenue, up 21 percent on-year. The segment includes flagship services such as Rocket Delivery, a next-day delivery service, and Coupang Marketplace, a cross-border e-commerce platform that connects buyers and sellers directly.
The developing offerings segment, which includes Coupang Eats, Couplang Play, fintech and investments in international expansion, showed a 2 percent decline year-on-year to $156.29 million.
“Our Active Customer growth accelerated while we continued to deliver record profitability,” said Coupang’s CFO, Gaurav Anand.
“We have only a single-digit share of a massive retail market,” he added. “We are consistently expanding profitability and generating high growth because of our unmatched investment in technology and infrastructure, and an unwavering focus on wowing the customer.”
Coupang shares increased 5.20 percent in after-hours trading following the earnings release at $18.82 as of 5:40 p.m. EDT Tuesday.
Coupang went public in 2021 on the New York Stock Exchange and is the first and only e-commerce company in Korea to list. Its initial public offering price was $35 per share, and trading started on March 11, 2021, at $63.5.
BY SEO JI-EUN [seo.jieun1@joongang.co.kr]