Sales of 8.1028 trillion KRW... 18% increase YoY
Operating profit of 114.6 billion KRW... 11% increase, 5 consecutive quarters of profit
Active customers 20.42 million... 14% increase
Sales in growth sectors including Taiwan up 41%
Coupang surpassed 'KRW 8 trillion in quarterly sales' for the first time in the third quarter of this year. This achievement came three quarters after exceeding KRW 7 trillion in sales for the first time in the fourth quarter of last year. The third quarter also recorded a profit, marking five consecutive profitable quarters. At the same time, Coupang moved one step closer to achieving its first annual profit this year.
According to the quarterly report submitted by Coupang to the U.S. Securities and Exchange Commission (SEC) on the 8th (Korean time), Coupang's third-quarter sales reached KRW 8.1028 trillion (USD 6.18355 billion, quarterly average exchange rate 1310.39), an 18% increase compared to the same period last year (KRW 6.8383 trillion, USD 5.1133 billion). Sales in dollar terms increased by 21% during the same period. This is the first time Coupang has surpassed KRW 8 trillion in quarterly sales. After first breaking the KRW 7 trillion mark in the fourth quarter of last year (KRW 7.2404 trillion), Coupang's sales rose to the KRW 8 trillion level within three quarters.
Operating profit for the third quarter was KRW 114.6 billion (USD 87.48 million), an 11% increase from the previous year (KRW 103.7 billion, USD 77.42 million). Net profit was KRW 119.6 billion (USD 91.3 million), similar to the previous year's KRW 121.5 billion (USD 90.67 million). However, operating profit and net profit in dollar terms increased by 13% and 1%, respectively, showing a higher growth rate than in Korean won. This was due to the exchange rate decline in the third quarter of this year compared to the third quarter of last year. Coupang has maintained profitability for five consecutive quarters since the third quarter of last year and has continued a profitable trend for three consecutive quarters this year.
The number of active customers (those who purchased at least once in a quarter) was 20.42 million, a 14% increase from 17.99 million in the previous year. The customer growth rate in the third quarter was the highest since 13% in the first quarter of last year. Sales per active customer were USD 303 (KRW 397,040), a 7% increase compared to the same period last year.
In Coupang's core business area, Product Commerce (Rocket Delivery, Rocket Fresh, Marketplace, Rocket Growth), third-quarter sales reached KRW 7.8178 trillion (USD 5.96602 billion), an 18% increase compared to the same period last year, and a 21% increase in dollar terms.
Sales in growth business sectors such as Taiwan, Coupang Eats, and Coupang Pay recorded USD 217.52 million (KRW 285 billion) in the third quarter, a 41% increase compared to the same period last year. Due to increased investments, the adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss in the growth business segment was USD 160.82 million (KRW 210.7 billion), about USD 117 million more than the loss in the same period last year. Coupang explained that this reflects an acceleration in investment.
The cumulative operating profit from the first to the third quarter this year was KRW 444.8 billion (USD 341.9 million), which is considered a successful improvement in profitability compared to the operating loss of KRW 228.8 billion (USD 195.42 million) recorded in the same period last year. Kim Beom-seok, Coupang's founder, said, "As a result of our relentless focus on excellent customer experience and operations, we achieved record-breaking performance. Sales and active customer growth increased for three consecutive quarters, and growth businesses saw a 40% increase in sales compared to the third quarter of last year." He emphasized, "We expanded Rocket Delivery to Taiwan and supported 12,000 small and medium-sized enterprises in exporting products to new markets over the past year."
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