Coupang Losses Widen With Expansion Spending and Fire Damage
- CEO says company will boost international investment over time
- Reports strong growth in revenue and active user numbers
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Coupang Inc., South Korea’s leading e-commerce company, reported net losses widened in the second quarter after it spent heavily on expansion at home and abroad and a fire damaged one of its main fulfillment centers.
Sales at the company were up 71% to $4.5 billion in the quarter ended June, while the number of active customers increased 26% to 17 million. Net losses widened to $518.6 million, including $296 million attributed to lost inventory, equipment and other costs associated with the fire at its Icheon facility. Shares were down about 12% in after-hours trading for the U.S.-listed firm.