Coupang swings to black in Q3, recording highest quarterly sales

Coupang reported $7.87 billion in revenue for the third quarter, a 27 percent on-year increase and a new record for the company, according to its earnings release on Tuesday (U.S. time).

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

Coupang reported $7.87 billion in revenue for the third quarter, a 27 percent on-year increase and a new record for the company, according to its earnings release on Tuesday (U.S. time).

The New York-listed e-commerce giant reversed two consecutive quarters of net losses, posting a net income of $64 million in Q3 — a 30 percent decrease compared to last year.

Operating income for the quarter totaled $109 million, falling short of market expectations.

Coupang highlighted that Farfetch, the Britain-based luxury goods platform it acquired in January, is nearing profitability.

“This quarter, we continued the strong momentum seen throughout the year, delivering robust growth in revenues and margins,” Coupang CFO Gaurav Anand said in the company’s press release.

“Our newer offerings, like Fulfillment and Logistics by Coupang and R.Lux, a new luxury segment, demonstrate the substantial growth potential from selection expansion on Rocket Delivery. We also reached an important milestone this quarter, bringing Farfetch close to break-even profitability ahead of schedule.”

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