Coupang swung to an attributable net loss of US$77 million in the second quarter with Farfetch‘s operating losses and a fine from the Korea Fair Trade Commission (KFTC) cited as the primary reasons.
Excluding Farfetch’s losses and the $121 million estimated KFTC fine, the South Korean online retailer’s attributable net income was about $124 million.
Net revenue grew 25 per cent to $7.32 billion, with the product commerce segment’s revenue growing 13 per cent to $6.4 billion.
The number of active product commerce customers rose 12 per cent to 21.7 million.
Meanwhile, the developing offerings business segment’s revenue soared 472 per cent to $892 million.
“This quarter we continued to see deeper levels of engagement from our customers, powered by our relentless focus on providing even greater levels of selection, service, and savings for customers,” said Gaurav Anand, Coupang CFO.
