Coupang of ‘Korea’s Amazon’ earns surprise, shares rise more than 7%
Coupang Inc.
CPNG,
Shares rose nearly 8% in extended trading Wednesday after the South Korean e-commerce giant posted a surprise third-quarter profit. Coupang earned $91 million, or 5 cents a share, this quarter, as opposed to a loss of $324 million, or 19 cents a share, during the period a year ago. Revenue rose 27% to $5.1 billion, the company said. The FactSet consensus calls for a loss of 3 cents a share on sales of $5.2 billion. Coupang has invested “billions of dollars … over the past seven years to build an unparalleled network integrating technology, fulfillment and ultimate logistics,” said founder and CEO Bom Kim. in a statement. “We will continue to invest in process optimization and automation, including machine learning and robotics, to deliver even richer experiences and lower costs for our customers.” Coupang, often dubbed the “Amazon of Korea,” went public in March 2021.