Coupang Slides After Quarterly Profit Misses Estimates

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Coupang Slides After Quarterly Profit Misses Estimates

Bloomberg2024-05-08

Shortfall overshadows stronger-than-expected sales growthE-commerce company’s Farfetch acquisition weighs on net incomeAn employee sorts a package transported by a sorting robot at a Coupang ...

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Analysts had projected $283.3 million. Net income plunged 95% after the company included losses from Farfetch Holdings Plc, the online luxury company it acquired in January.The shortfall overshadowed stronger-than-expected sales growth. South Korea’s largest online retailer reported a revenue increase of 23% to $7.1 billion, topping the average projection of $6.95 billion.The shares fell 5.3% in extended US trading after the results were released. They had been up 46% this year through the close.Coupang, which popularized early and one-day delivery in Korea, posted its first full year of profit in calendar 2023. 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