Coupang Announces Results for Third Quarter 2024

In This Article:

Net Revenues of $7.9 billion, up 27% YoY and 32% on an FX-neutral basis

Gross Profit of $2.3 billion, up 45% YoY

SEATTLE, November 05, 2024--(BUSINESS WIRE)--Coupang, Inc. (NYSE: CPNG) today announced financial results for its third quarter ended September 30, 2024.

Consolidated Highlights:

  • Net revenues were $7.9 billion, up 27% YoY on a reported basis and 32% YoY on an FX-neutral basis. Excluding Farfetch, the growth was 20% YoY on a reported basis and 25% YoY on an FX-neutral basis.

  • Gross profit increased 45% YoY to $2.3 billion. Gross profit margin was 28.8%, an improvement of 350 bps YoY. Excluding Farfetch, gross profit was $2.1 billion, growing 33% YoY, and gross profit margin was 28.1%.

  • Net income was $64 million and net income attributable to Coupang stockholders was $70 million, a decrease of $21 million from last year. Excluding Farfetch, net income attributable to Coupang stockholders was approximately $108 million for the quarter.

  • Diluted EPS was 4 cents, a decline of 1 cent over last year, primarily driven by the operating losses incurred at Farfetch. Excluding the Farfetch loss, diluted EPS was 6 cents.

  • Adjusted EBITDA for the quarter was $343 million with a margin of 4.4%, up 50 bps from last year. Excluding Farfetch, adjusted EBITDA was $345 million with a margin of 4.6%.

  • Operating cash flow for the trailing twelve months was $1.8 billion, a decrease of $805 million YoY. This is primarily due to certain non-recuring working capital benefits in the prior trailing twelve-month period.

  • Free cash flow was $935 million for the trailing twelve months, a decrease of $920 million YoY. This is primarily due to certain non-recuring working capital benefits in the prior trailing twelve-month period, as well as the timing of capital expenditure payments.

Segment Highlights:

  • Product Commerce segment net revenues were $6.9 billion, up 16% YoY on a reported basis and 20% on an FX-neutral basis.

  • Product Commerce Active Customers reached 22.5 million, growing 11% YoY.

  • Product Commerce segment adjusted EBITDA was $470 million, up $71 million YoY, with a margin of 6.8%, up 10 bps YoY and down 140bps QoQ.

  • Developing Offerings segment (including International, Coupang Eats, Play, Fintech and Farfetch) net revenues were $975 million, up 347% YoY on a reported basis and 356% on an FX-neutral basis. Excluding Farfetch, the growth was 146% YoY on a reported basis and 155% YoY on an FX-neutral basis.

  • Developing Offerings segment adjusted EBITDA was negative $127 million, a decrease of $34 million YoY and $73 million QoQ, which includes a negative $2 million impact from the consolidation of Farfetch.