Coupang narrows loss to $75m in Q2
This improved from the $518m loss in the same quarter last year.
E-commerce company Coupang reported its net loss dropped to $75.49m in the second quarter of the year, an improvement from $518.6m in the same quarter in 2021.
“Customers turn to us for amazing experiences, faster delivery, and lower prices, and we’re determined to wow them every day,” Bom Kim, founder and CEO of Coupang, said.
“We increased our investment—to a record $500 million in Q2 alone—in exclusive discounts, free Rocket deliveries, and free Coupang Play video content for our WOW members. We exist to transform the lives of our customers, and WOW membership is the embodiment of that relentless customer focus.”
Over the same period, Coupang saw its net revenues grow by 12% year-on-year and by 3% quarter-on-quarter to $5.03b.
Read more: Coupang profit soars 42% YoY in Q1 2022
The company’s product commerce net revenues went up 13%YoY to $4.9b, which is over four times the growth rate of the Korean product e-commerce segment.
“We’re pleased to report that we achieved positive adjusted earnings before interest, taxes, depreciation and amortisation on a consolidated basis, generating $66m across the entire business, improving $157m from the prior quarter. Over the past two quarters, we’ve driven a total improvement of over $350m, a reflection of our continued execution across the company,” Coupang’s CFO, Gaurav Anand said.
“At the beginning of the year, we provided guidance of total company adjusted EBITDA losses below $400 million for 2022. We are now raising that guidance to achieve positive adjusted EBITDA for the full year,” he said.
By2022, Coupang projected it will achieve a positive adjusted (EBITDA). This is a revision from the initial outlook of EBITDA loss of $400m.