South Korean e-commerce firm Coupang widened its net loss in the third quarter even as revenues climbed by double digits, the company announced in a filing.
- Total net revenues jumped 48% to $4.644 billion from $3.136 billion. Net loss widened by 87% to $323.977 million from $172.999 million, while adjusted EBITDA jumped 17% to $207.434 million from $176.649 million.
- Active customers for the quarter jumped at least 20% year-on-year for the 15th straight quarter, with active customers purchasing across at least six categories doubled from two years ago.
- Coupang’s investments for incremental labor and operational costs were reported at $95 million, primarily involving the increase in COVID-19 cases and the implementation of restrictions during the period.
- Coupang increased its year-to-date infrastructure to 8 million square feet, and the same number was added every year prior to 2020 combined. Its fulfillment center infrastructure for Rocket Fresh increased by 90%.
The company plans to open new fulfillment centers in at least ten regions in Korea with a KRW1.5-trillion investment, creating over 13,000 jobs. CPNG is down 6.82% premarket.