South Korean e-commerce company Coupang has reported surging revenues and profits on higher active customers during its 15th consecutive quarter of growth above 50 percent.
But the company is still battling to stem losses thanks to investment into new business activities.
Total net revenues rose 71 percent on a reported basis, or 57 percent on a constant-currency basis with the number of active customers up 26 percent year over year to 17 million.
Revenue per active customer grew 36 percent.
Coupang reported a gross profit of US$658 million, which would have been higher but for $158 million in inventory write-offs as a result of a fire at its Deokpyeong fulfillment center in Korea.
Revenue from its Rocket Fresh division more than doubled, exceeding $2 billion, while the company’s Eats revenue nearly tripled during the past two quarters, with the loss per order down by more than 50 per cent year on year.
Investments in Rocket Fresh and Eats accounted for almost the entire pre-tax loss of $122 million for the quarter, which the company said highlighted the profitability of its more mature business operations.
In March, Coupang was valued at around US$109 billion after the company raised around $4.6 billion in its US IPO.