U.S.-listed e-commerce giant Coupang Inc. reported a 51 percent jump in third-quarter net profit from a year earlier, driven by strong performances in product commerce and new businesses. The company announced the results on Wednesday. Sales rose 20 percent to 12.84 trillion won.
Coupang Inc. announced that its net profit for the third quarter ended September 30 rose 51 percent to 131.6 billion won ($95 million) from 86.9 billion won a year earlier. Operating profit surged 51.5 percent to 224.5 billion won from 148.1 billion won, while sales climbed 20 percent to 12.84 trillion won from 10.69 trillion won.
The solid performance was attributed to strong results in the company's core product commerce division, including its signature Rocket Delivery service, and growth in new businesses such as luxury fashion platform Farfetch Holdings, operations in Taiwan, and food delivery service Coupang Eats. Sales in new growth businesses jumped 31 percent year-on-year to 1.78 trillion won. Coupang acquired British luxury retailer Farfetch in January 2024, positioning itself as a key player in the $400 billion global personal luxury goods market.
Coupang founder and CEO Bom Kim stated during an earnings conference call, "Our results this quarter continue to demonstrate our conviction that Korea remains a remarkably durable growth opportunity with a largely untapped runway ahead." He highlighted broadening selection across first-party and marketplace offerings as a major opportunity to expand customer value and drive future growth. First-party deliveries, where the company ships goods directly from its logistics centers, currently account for more than 90 percent of sales.
Kim also noted that accelerating sales momentum in Taiwan is expected to continue contributing to earnings, saying, "These levels of customer adoption in Taiwan are similar to those we saw at a comparable stage of building our retail business in Korea, reinforcing our confidence in its long-term potential."