Coupang net income climbs by $300m in Q1 

Its net income amounted to $91m.

Coupang reported its net income reached $91m in the first quarter of the year, up by $300m from the same period last year. 

Over the same period, the company recorded net revenues worth $5.8b, up 13% year-on-year.

Coupang noted a 15% increase in net revenues in product commerce to $5.7b. Its Developing Offerings net revenues, meanwhile, declined by 21% to $142.1m.

Read more: South Korea's Coupang narrows loss to $92m in 2022

“The overwhelming majority of the retail market is still offline, where prices are high and selection limited. According to one study, Korean consumers have access to less than 10% of the retail space per capita available to their US counterparts,” Bom Kim, Founder and CEO of Coupang, said.  

“We’ve made unmatched investments to offer customers something much better: vast selection, low prices, and exceptional service. And now any merchant can capture the growth of our end-to-end network through Fulfillment and Logistics by Coupang, or Rocket Growth, where units sold are up nearly 90% year over year.” 

He added the company also rolled out Coupang Eats benefits to all WOW members. This is expected to help generate more savings for customers.