South Korean e-commerce giant Coupang Inc.'s revenue surged to $4.21 billion in the March quarter, but its loss widened on higher costs in part tied to the company's initial public offering.
It was Coupang's first earnings report as a publicly traded company.
The Seoul-based company, backed by Japan's SoftBank Group Corp., reported a net loss of $295 million for the quarter. On a per-share basis, the loss was 68 cents a share.
Net revenue rose to $4.21 billion from $2.41 billion a year earlier.
Coupang ended the first quarter with more than 16 million active customers, up 21% from the year earlier, while net revenues per active customer rose 44% to $262, the company said.
Webcast and Conference Call
Coupang, Inc. will host a conference call to discuss quarter results on May 12, 2021 at 5:30 PM Eastern Daylight Time (May 13, 2021 at 6:30 AM Korea Standard Time). A live webcast of the conference call will be available on our Investor Relations website, ir.aboutcoupang.com, and a replay of the conference call will be available for at least three months. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable U.S. GAAP measures, is also available on that site.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 12, 2021 16:22 ET (20:22 GMT)
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