Coupang posts record Q1 sales boosted by FX rates and new ventures

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Coupang posts record Q1 sales boosted by FX rates and new ventures

Published: 07 May. 2025, 12:07 Updated: 07 May. 2025, 12:58

KIM JU-YEON
[email protected]

Audio report: written by reporters, read by AI

Coupang delivery trucks are parked in Seoul on Feb. 26, 2025. [YONHAP]

E-commerce giant Coupang said Wednesday it posted record sales for the first quarter, backed by favorable foreign exchange rate conditions and growth of its emerging businesses.

Coupang's sales for the January-March period totaled $7.91 billion, up 11 percent from a year ago on a reported basis and 21 percent on an FX-neutral basis, the company said in a statement.

Revenue fell short by $120 million from the market forecast of $8.03 billion.

Operating income jumped more than three-fold to $154 million, while net income totaled $114 million, turning from a loss in the same period last year.

The New York-listed firm attributed favorable foreign exchange conditions and a boost in the company's new business areas to its improved earnings.

Combined sales of the company's Taiwanese Rocket Delivery service, Coupang Eats and the recently acquired online fashion retailer Farfetch surged 78 percent on year to $1 billion.

Sales from Coupang's core Product Commerce division, which includes Rocket Delivery and Rocket Fresh services, gained 16 percent on year to 9.98 trillion won ($7 billion). Active customer numbers in the division rose 9 percent to 23.4 million.

Coupang also announced that its board has approved a share buyback program of up to 1.4 trillion won in common stock, describing it as part of a long-term strategy to deliver value to shareholders.

The company reported an earnings per share of $0.06, missing the forecast of $0.07.

The firm will continue to invest and expand its presence in Taiwan, and expects to see continued growth in its Coupang Eats food delivery service, Coupang CEO Bom Kim said of Coupang's outlook in a conference call.

"We see enormous potential [in Taiwan] to deliver the same jaw-dropping Wow experiences that have resonated so strongly with consumers in Korea," he said.

BY KIM JU-YEON,YONHAP [[email protected]]