Coupang reports $295 million net loss in first quarter
Coupang reported a huge loss and a dramatic miss in its first earnings announcement as a public company, the stock dropping below its IPO price in after-hours trade.
According to the e-commerce operator, its net loss was $295 million in the first quarter of 2021, compared to a net loss of $105 million in the same quarter the previous year.
On a per share basis, the company lost $0.68. Analysts had been anticipating a $0.16 loss per share.
Coupang's total net revenues were up by 74 percent during the same period to $4.2 billion. The number of active customers grew 21 percent on-year to 16 million, and total net revenues per active customer jumped by 44 percent to $262 in the first quarter.
The announcement was made after the market closed on Wednesday in New York. Coupang's stock ended the day at $35.33, down 2.54 percent, and then dropped another 2.8 percent in after-hours trading to $34.35.
Coupang went public on the New York Stock Exchange on March 11 at $35.00.
BY JIN MIN-JI [firstname.lastname@example.org]