Coupang’s Shares Climb After Profit Surges in Competitive Market
Coupang is seeking growth in new arenas to better compete against Chinese peers who are expanding into South Korea.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Coupang Inc.’s shares jumped after the largest e-commerce company focused on South Korea handily beat quarterly profit estimates, helped by a one-time insurance gain as it faces off against Chinese rivals.
The online retailer earned an operating income of $312 million, almost double the estimate of $168 million after booking an insurance gain in connection with a fire that damaged one of its fulfillment centers in 2021. Net revenue rose 21% in the December quarter, slightly shy of the average analyst projection, on a 10% rise in active customers in the product commerce segment, according to a company statement.