Coupang swings to black in Q3, recording highest quarterly sales

Coupang's delivery truck is parked at a parking lot in Jung District, central Seoul, in August. [NEWS1]

 
Coupang posted $7.87 billion in revenue in the third quarter, up 27 percent year over year and its highest yet, the online marketplace said in its earnings release Tuesday (U.S. time).
 
The New York-listed e-commerce giant broke its streak of two consecutive net losses in the first and second quarters to report a net income of $64 million in Q3, down 30 percent from last year.
 
Its operating income totaled $109 million, falling below market expectations.
 
Notably, Coupang said Farfetch, the Britain-based luxury goods platform it acquired in January, has almost broke even in profitability.
 
"This quarter we continued the strong momentum we’ve seen throughout this year, delivering robust growth in revenues and margins,” Coupang CFO Gaurav Anand said in Coupang's press release. 
 
“Our newer offerings and categories, like Fulfillment and Logistics by Coupang and R.Lux, a new luxury offering, are examples of the massive growth opportunity from selection expansion on Rocket Delivery. We also achieved an important milestone in Developing Offerings this quarter, reaching near break-even profitability in Farfetch, earlier than planned."

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]