South Korea’s Coupang posts record net profit in Q3
Its net income stood at $91m.
Coupang reported its net profit stood at a record high of $91m in the third quarter of the year.
The company attributed its growth to investments in technology and infrastructure amongst others.
“Our continued progress is a reflection of billions of dollars invested over the past seven years to build an unrivaled network that integrates technology, fulfillment and last-mile logistics,” Bom Kim, founder and CEO of Coupang, said.
“We will continue investing in process optimization and automation, including machine learning and robotics, to deliver even richer experiences and lower prices for our customers.”
Read more: Coupang narrows loss to $75m in Q2
Over the same period, Coupang’s total net revenue reached $5.1b, up 10% year-on-year; whilst its gross profit grew 64% YoY and gross profit margin climbed by 24.2%, representing an increase of almost 800 points.
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