Coupang posts record Q3 revenue, operating profit up 29%

Coupang Songpa headquarters Yonhap — Coupang's headquarters in Seoul. Yonhap

SEOUL, November 06 (AJP) - South Korean e-commerce giant Coupang reported on Wednesday an operating profit of 148.1 billion won ($110.9 million) in the third quarter, up 29 percent from a year earlier, while achieving record quarterly revenue of 10.69 trillion won ($7.87 billion), a 32 percent increase.

The company's core product commerce segment, including Rocket Delivery and Fresh, generated revenue of 9.37 trillion won, up 20 percent year-on-year, while growth initiatives including Taiwan operations, Coupang Eats, and Farfetch recorded 1.33 trillion won in revenue, surging 356 percent from the previous year.

Active customers reached 22.5 million in the third quarter, an 11 percent increase from the previous year, with revenue per customer rising 8 percent to 432,160 won. However, free cash flow recorded a deficit of 57 billion won due to logistics infrastructure investments totaling 520.5 billion won during the quarter.

"New offerings and categories like Rocket Growth and R.lux luxury service demonstrate tremendous growth opportunities," said CFO Gaurav Anand. "Farfetch achieved near break-even profitability ahead of schedule."

Candice Kim candicekim1121@ajupress.com