Coupang logs profit in Q1 on improved sales

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Coupang-Q1 earnings

Coupang logs profit in Q1 on improved sales

SEOUL, May 10 (Yonhap) -- Coupang Inc. said Wednesday it racked up a profit in the first quarter thanks to the company's operational improvement and increased sales.

The net profit of South Korea's top e-commerce retailer reached US$90.9 million in the first quarter, compared with a net loss of $209.3 million a year earlier, the New York Stock Exchange-listed company said.

The e-commerce giant also logged an operating income of $106 million in the January-March period, swinging from an operating loss of $205 million a year earlier.

The first-quarter operating income following an operating income of $77.4 million in the third quarter of last year and $83.4 million in the fourth quarter.

Coupang's net revenue came to a record high of $5.8 billion, up 13 percent on-year.

Coupang's active customers exceeded 19 million, posting an on-year increase of 5 percent, according to the company. Per-customer sales averaged $305.

Coupang made its landmark debut on the New York stock market in 2021 in an effort to expand its global presence.

In 2021 and 2022, the e-commerce titan failed to post a yearly profit, reporting a net loss of $1.5 billion and $92 million, respectively.

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