CPNG - Coupang stock slides on revenue miss

Coupang ( NYSE: CPNG ) stock slumped more than 6% in Tuesday’s extended session after posting a miss on Q4 revenue expectations.

While the South Korean e-commerce company topped EPS expectations for the quarter, revenue fell short of the Street consensus. Net revenues increased 5% from the prior year quarter to $5.3B, $70M short of expectations. Active customers increased 1% from the prior year quarter to 18.12M.

“We hit positive adjusted EBITDA for Product Commerce in Q1, achieved positive adjusted EBITDA for the consolidated business in Q2, delivered positive net income for the consolidated business in Q3, and delivered record gross profit, adjusted EBITDA, and net income in Q4,” CFO Gaurav Anand commented, detailing the year’s milestones. “In light of the progress we have demonstrated over the past year, we are now updating our long-term adjusted EBITDA guidance to 10% or higher.”

Moving forward into 2023, Anand said the company expects further margin expansion. However, he cautioned that the expansion “may not be meaningful or consistent each quarter.”

Shares slid 6.45% shortly after the print .

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