[Breaking] Coupang Inc. Posts 350 Billion Won Operating Loss in Q1...Turns to Deficit Year-on-Year

Sales Reach 12.4 Trillion Won, Up 8%
Net Profit Turns to Loss

Coupang Inc., the parent company of Coupang, posted quarterly revenue exceeding 12 trillion won in the first quarter of this year but recorded an operating loss of about 350 billion won.

A Coupang center in Seoul. Photo by Yonhap News Agency

According to Coupang Inc.'s consolidated first-quarter earnings report submitted to the U.S. Securities and Exchange Commission (SEC) on May 6 (Korean time), revenue for the first quarter reached $8.504 billion, an 8% increase from the same period last year. When converted at the average KRW-USD exchange rate of 1,465.16 won during the period, this amounts to approximately 12.4597 trillion won.

In contrast, during the same period, the company posted an operating loss of $242 million (about 354.5 billion won), marking a turnaround from the operating profit of $154 million (about 233.7 billion won) recorded in the same period last year. Net loss for the quarter also shifted to $266 million (389.7 billion won), compared to a net profit of $114 million (about 165.6 billion won) in the first quarter of last year.

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