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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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