SEOUL - Coupang, Inc. (NYSE: NYSE:CPNG), a leading e-commerce company, reported its first-quarter financial results with a notable increase in revenue. The company announced a net revenue of $7.1 billion for the quarter ended March 31, 2024, surpassing the analyst consensus estimate of $6.93 billion.
This represents a significant 23% year-on-year (YoY) growth and an even stronger 28% YoY growth on an FX-neutral basis.
The company's earnings per share (EPS) for the quarter stood at $0.05, aligning with the analyst expectations. However, Coupang's stock experienced a slight decline of 1.78% following the earnings release.
In terms of gross profit, Coupang saw a substantial increase of 36% YoY to $1.9 billion, with gross profit margin improving by 260 basis points YoY to 27.1%. Excluding Farfetch (OTC:FTCHF), gross profit was $1.8 billion, growing at 27% YoY and achieving a gross profit margin of 26.5%.
Net income attributable to Coupang stockholders was reported at $5 million, which is down from $91 million last year—a decrease largely due to losses incurred at Farfetch. Excluding Farfetch, net income would have been $98 million.
The company's operating cash flow for the trailing twelve months reached $2.4 billion, up by an impressive $1.2 billion YoY, while free cash flow increased by $1 billion YoY to reach $1.5 billion.
Coupang's Product Commerce segment reported net revenues of $6.5 billion, up by 15% YoY on a reported basis and up by 20% on an FX-neutral basis. The segment's adjusted EBITDA was up by $179 million YoY to reach $467 million.
"Our results are a reflection of our commitment to customer experience and operational excellence," said Gaurav Anand, CFO of Coupang. He highlighted the company's focus on customer satisfaction as they continue to capture more market share in Korea and Taiwan.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.