CPNG - Coupang stock gains after reporting first profit since IPO
- South Korean e-commerce giant Coupang ( NYSE: CPNG ) rose more than 20% after reporting a surprise profit in Q3 .
- Revenue grew 10% to $5.1B and the number of active clients rose 7% Y/Y.
- Net revenue per active customer was $284, up 3% Y/Y.
- Gross margin rate up 800 bps Y/Y to 24.2%.
- Net income of $91M vs. $324M loss year ago.
- “In 2023, Coupang’s position in the market will be solidified through an online-market shakeup,” Kim said ahead of the results. “A lot of startups are facing financial crises as they are having difficulties raising funds amid high interest rates.”
- The company said its next milestone is to achieve positive free cash flow, although a timeline wasn't given.
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Coupang stock gains after reporting first profit since IPO