Coupang Reports Record Q1 Operating Profit of 136.2 Billion KRW... Third Consecutive Quarter of Profitability (Comprehensive)

Record Highest Quarterly Sales Achieved

Coupang continued its growth momentum by recording its highest-ever operating profit in the first quarter despite concerns over an economic downturn caused by high interest rates and inflation.

Coupang Daegu Fulfillment Center (FC) exterior view. [Photo by Coupang]

On the 10th (Korean time), Coupang announced through its earnings report submitted to the U.S. Securities and Exchange Commission (SEC) that its operating profit for the first quarter of this year was 136.2 billion KRW (167.7 million USD), marking three consecutive quarters of operating profit.

During the same period, revenue reached 7.399 trillion KRW (5.8053 billion USD), a 20% increase compared to 6.1653 trillion KRW in the same quarter last year, setting a new record for quarterly revenue.

Revenue in the core business segment, Product Commerce (Rocket Delivery, Fresh, Marketplace), was 7.2176 trillion KRW (5.65834 billion USD), up 15% year-over-year. In KRW terms, this represents a 21% increase.

Net income was 116 billion KRW (90.85 million USD). Considering that the company posted an operating loss of 247.8 billion KRW and a net loss of 252.1 billion KRW in the first quarter of last year, this marks a significant profitability improvement and a successful turnaround to profitability within one year.

For the first time in its history, Coupang recorded a positive 12-month cumulative free cash flow of 575.3 billion KRW (451 million USD) in the first quarter.

Gross profit was 1.41992 billion USD, a 36% increase compared to the same period last year. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) profit was 240.91 million USD (307.3 billion KRW), with a margin of 4.2%.

Adjusted EBITDA losses in new business segments (developing offerings) such as Coupang Play, Coupang Eats, overseas operations, and fintech were 47.45 million USD, a 50% reduction compared to last year's loss of 93.74 million USD.

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