South Korea’s Coupang Inc. announced last week that its total revenues surpassed USD 5bn during the first quarter, as the e-commerce giant narrowed losses during the three months ending 31 March.
The Seoul-based company said total net revenues reached USD 5.1bn, up 22 per cent year-over-year, and up 32 per cent on a constant currency basis. Likewise, Coupang said revenues lifted three per cent quarter-over-quarter.
By segment, product commerce net revenues totalled USD 4.9bn, up 20 per cent compared to last year, and 30 percent on a constant currency basis, over three times the growth rate of the Korean product e-commerce segment, the company said in a press release.
“Powered by our unmatched customer experience and services, we continued to grow at multiples of the overall e-commerce segment with 32 per cent year-over-year constant currency revenue growth,” said Gaurav Anand, CFO of Coupang.
“We also recorded the highest gross profit and gross profit margin in the company’s history, which in turn helped our product commerce segment to achieve profitability in Q1. We expect our focus on customer-driven innovations as well as operational excellence to continue to bear fruit in the quarters and years ahead,” added Anand.
