South Korean e-commerce company Coupang has recorded 32 per cent year-on-year constant-currency revenue growth in its first quarter.
The business’ net revenue rose 22 per cent to $5.1 billion while its total gross profit increased 42 per cent to $1.04 billion. Net loss improved by $209 million quarter over quarter.
Gaurav Anand, CFO at Coupang, said the company has recorded its highest gross profit yet during the quarter helping achieve profitability in the product commerce segment in the first quarter.
Product commerce net revenue increased 20 per cent to $4.9 billion marking a milestone in the adjusted EBITDA for the quarter. Active customers are recorded at 18.112 million.
“We expect our focus on customer-driven innovations as well as operational excellence to continue to bear fruit in the quarters and years ahead,” said Anand.
The company offers a variety of services, including same-day and next-morning delivery of groceries and general merchandise, video streaming on Coupang Play and delivery of food services via Coupang Eat.