The US-listed e-commerce giant Coupang Inc. has posted its highest-ever quarterly revenue.
The company reported on Aug. 12 that its second-quarter revenue this year reached $4.48 billion, up by 71% from the same period in 2020. Coupang’s revenue has grown at the rate of more than 50% over the last 15 consecutive quarters since the third quarter of 2017.
Analysts highlighted that the revenue growth was fueled by both the increase in the number of active users, who have purchased at least one item on Coupang during any given quarter, as well as the rise in the average expenditure per active user.
The number of active users in the last quarter reached 17 million people, up 26% from the first quarter. Their average expenditure during the second quarter was $263, also up by 36% from the previous quarter.
At the same time, however, Coupang posted a bigger net loss than the second quarter of last year largely due to costs
related to its warehouse fire in June. Coupang said that it recorded an operating loss of $514.9 million and a net loss of $518.6 million for the second quarter.
The company explained that its net loss has reflected all fire-related costs, such as inventory write-off, of $295 million. Coupang added that the insurance payment from the warehouse fire has not been recorded in its financial statement yet.
Coupang during the second quarter also invested a total of $120 million in its fresh food business and its food delivery platform Coupang Eats. Coupang’s fresh food segment grew by more than double from the second quarter of last year, while Coupang Eats’ revenue more than tripled versus the fourth quarter of 2020.
Coupang added that the fast growth of its fresh food and food delivery businesses will allow the company to save more in fixed costs and offer more competitive prices to customers accordingly.
Write to Han-shin Park at
phs@hankyung.comDaniel Cho edited this article.
