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Coupang has reported an operating loss of 835 billion won for the second quarter of this year. This marks the largest quarterly loss on a consolidated basis since its listing on the New York Stock Exchange, with profitability sharply worsening as a heavy fine for a personal data leak was reflected in the financial results.
Reporter Kim Hye-min has the details.
[Reporter]
Coupang Inc., the US-listed parent company of Coupang, announced that it recorded an operating loss of 835 billion won for the second quarter of this year.
This figure was calculated by applying the second-quarter average won-dollar exchange rate of 1,501 won.
The operating loss widened significantly after reflecting the 624.7 billion won penalty imposed on Coupang by the Personal Information Protection Commission.
Coupang Inc. stated, "Excluding the penalty, the operating loss for the second quarter was 219.2 billion won, and the net loss was 240.3 billion won."
Following its transition to a deficit in the first quarter of this year in the wake of last year's personal data leak incident, Coupang Inc. has now posted operating losses for two consecutive quarters.
The scale of the second-quarter deficit exceeds the company's operating profit from last year and marks the largest quarterly figure on record since its New York Stock Exchange listing in 2021.
On the other hand, revenue reached 13.3007 trillion won, representing a 4% increase from the same period last year and setting a record high.
Based on "constant currency" terms, which exclude the impact of exchange rate fluctuations, Coupang Inc.'s second-quarter revenue grew by 10%.
In particular, revenue from product commerce, Coupang's core shopping service including Rocket Delivery, grew 8% year-on-year to 11.1515 trillion won, while the number of active customers who made at least one purchase during the period increased 3% year-on-year to 24.7 million.
Coupang Inc. Chairman Kim Bom-suk noted, "The number of Wow membership subscribers has surpassed pre-data-incident levels," adding that "the fundamental growth trend remains unchanged."
Coupang Inc. recently received a pre-assessment notice for approximately 300 billion won in taxes resulting from a special tax audit by the National Tax Service of Korea, but announced that it plans to pursue appeal procedures.
[Video Editing: Kim Jin-won]
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