Q2 Sales $5,037.82 Million... 27% Increase YoY
Coupang's sales in the second quarter of this year recorded over 6.5 trillion won (based on an exchange rate of 1,305 won), following the first quarter. The scale of losses also significantly decreased, improving profitability.
On the 11th, Coupang announced that its sales for the second quarter of this year amounted to $5.03782 billion. Based on an exchange rate of 1,305 won, this translates to 6.5743 trillion won. This represents a 27% increase compared to the previous year.
Operating losses were $67.14 million (approximately 87.6 billion won), down 87% from the same period last year. Since its listing on the New York Stock Exchange in March last year, Coupang recorded quarterly operating losses below 100 billion won for the first time. Applying Coupang's average quarterly exchange rate of 1,261.37 won, sales amount to 6.35 trillion won, and operating losses are about 84.7 billion won.
Sales in the product commerce sector, including Rocket Delivery, reached $4.87753 billion (6.3651 trillion won), a 27% growth compared to the previous year. Sales in new growth business areas such as Coupang Eats also increased by 24%.
Coupang's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $66.17 million (86.3 billion won). This is the first profit since the launch of Rocket Delivery in 2014. This is interpreted as a result of focusing on profitability improvement since the beginning of this year.
Coupang explained, "In the first quarter, the adjusted EBITDA of the product commerce sector, including Rocket Delivery and Rocket Fresh, turned positive, and this time, the entire company recorded a profit based on adjusted EBITDA, expanding the company's overall profit trend."
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