Coupang's Q4 Operating Profit Falls 97% Year-on-Year...Net Loss Reaches 37.7 Billion Won (Update)

Operating Profit at 11.5 Billion Won
Profitability Deteriorates Despite 11% Revenue Growth
Apparently Due to Personal Information Leak Incident

A view of a Coupang logistics center in downtown Seoul. Yonhap News

Coupang's profitability deteriorated in the fourth quarter due to the large-scale personal information leak that occurred in November last year and the resulting decline in member usage.

According to the consolidated earnings report that Coupang Inc., Coupang's parent company, submitted to the U.S. Securities and Exchange Commission (SEC) on the 27th (Korea time), Coupang's operating profit in the fourth quarter of last year was 8 million dollars (about 11.5 billion won), down 97% from 312 million dollars (about 435.3 billion won) in the same period a year earlier. During the same period, revenue increased by 11% to 8.835 billion dollars (about 12.81 trillion won), but the company posted a net loss of 26 million dollars (about 37.7 billion won), swinging to a loss from a net profit of 131 million dollars (about 182.7 billion won) in the same period of the previous year. The operating margin for this period was 0.09%.

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