South Korea's Coupang narrows loss to $92m in 2022
This improved by $1.5b.
South Korean e-commerce firm Coupang reported a $92m net loss in 2022, an improvement of $1.5b compared to 2021.
Over the same period, total net revenues stood at $20.6b, up by 12% year-on-year, or 26%YoY on an FX-neutral basis.
Total gross profit improved 60%YoY to $4.7b, with a gross profit margin of 22.9%, an expansion of over 680 basis points YoY.
“The results this quarter and the continued progress you see are a reflection of years of investment and innovation by our teams to attack the biggest trade-offs for customers,” said Bom Kim, Founder and CEO of Coupang.
During the quarter, Coupang’s revenue went up by 5%YoY to $5.3b. It also recorded a net income of $102m, up by $507m.