Coupang's Q1 Sales Reach Record 6.5 Trillion Won... Losses Also Decrease by 29% (Update)

Product Commerce Division Adjustment EBITDA First Profit

Coupang's sales in the first quarter exceeded $5.1 billion. Based on the current exchange rate, this translates to sales of over 6.5 trillion KRW, marking the highest quarterly performance in the company's history. The scale of losses also significantly decreased, improving profitability.

On the 12th, Coupang announced that its first-quarter sales this year reached $5,116,686,000, equivalent to 6.5212 trillion KRW. This represents a 22% increase compared to the previous year. When compared using a fixed exchange rate, sales grew by 32% compared to the first quarter of last year. This surpassed the record sales set in the fourth quarter of last year, which was the highest ever. Total gross profit for sales was $1,043,406,000, up 42% year-over-year and 4.5% quarter-over-quarter.

The net loss also decreased significantly. Coupang's net loss in the first quarter of this year was $202,940,000, equivalent to 266.745 billion KRW. This is a 29% reduction compared to the same period last year. Compared to the previous quarter's net loss of $404,980,000 in the fourth quarter of last year, it is about half. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss improved by $42 million year-over-year, recording approximately $91 million.

Notably, Coupang recorded a positive adjusted EBITDA for the first time in its core product commerce segment, including Rocket Delivery and Rocket Fresh. Product commerce net sales reached $4.9 billion, a 20% increase year-over-year and a 30% increase on a fixed exchange rate basis. Coupang explained that this growth rate is three times that of the Korean product e-commerce market. This segment improved by $72 million year-over-year and $128 million quarter-over-quarter, achieving an adjusted EBITDA profit in the first quarter.

Growth business net sales were $181 million, up 65% year-over-year and 79% on a fixed exchange rate basis. Adjusted EBITDA margin showed significant improvement, increasing by 6 percentage points year-over-year and 54 percentage points quarter-over-quarter.

Garab Anand, Coupang's Chief Financial Officer (CFO), said, "Thanks to Coupang's unparalleled customer experience and service, we have consistently recorded growth rates several times higher than the overall e-commerce market, achieving 32% sales growth on a fixed exchange rate basis year-over-year. We achieved the highest gross profit and gross profit margin since our founding, which enabled us to record profitability in the product commerce sector in the first quarter. We will continue to focus on operational excellence and customer base innovation to ensure ongoing success in the future."

This content was produced with the assistance of AI translation services.