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Mar 31, 2024
Coupang Q1 2024 Earnings Report
Coupang's Q1 2024 financial results were announced, demonstrating substantial revenue growth and improved profitability.
Key Takeaways
Coupang reported a strong first quarter in 2024, with net revenues increasing by 23% year-over-year to $7.1 billion. The company's gross profit rose by 36% to $1.9 billion, and it achieved a net income of $5 million. Excluding Farfetch, net income attributable to Coupang stockholders was $98 million.
Net revenues increased by 23% year-over-year to $7.1 billion, or 28% on an FX-neutral basis.
Gross profit grew by 36% year-over-year to $1.9 billion, with a gross profit margin of 27.1%.
Product Commerce Active Customers reached 21.5 million, a 16% increase year-over-year.
Developing Offerings segment net revenues increased by 337% year-over-year to $620 million.
Coupang
Coupang
Coupang Revenue by Segment
Revenue by Segment
Product Commerce Revenue
CapyFin.comDeveloping Offerings Revenue
CapyFin.com Forward Guidance
Coupang estimates that its 2024 adjusted EBITDA losses for Developing Offerings will be around $750 million, an increase of just $100 million. The company also anticipates that Farfetch will achieve close to positive adjusted EBITDA on a run-rate basis by the end of 2024.
Positive Outlook
- Focus on customer experience and operational excellence.
- Commitment to wowing customers.
- Single-digit share of a massive and highly fragmented $560 billion commerce opportunity in Korea.
- Even smaller share in Taiwan.
- Farfetch will achieve close to positive adjusted EBITDA on a run-rate basis by the end of 2024.
Challenges Ahead
- 2024 adjusted EBITDA losses for Developing Offerings will be around $750 million, an increase of just $100 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income