Coupang achieves first-ever profit in second quarter

Coupang posted earnings before adjusted interest, taxes, depreciation and amortization (EBITDA) of $66.17 million (86.2 billion won) in the second quarter of this year, the first since the e-commerce giant’s launch in 2014. , the company said. Thursday. Operating profit fell 87% year-on-year to $67.14 million, dropping below 100 billion won for the first time. Sales were $5.03 billion, up 12% from the previous year. While this is lower than his $5.11 billion in sales achieved in the first quarter, it is a record high due to the South Korean currency’s rapid depreciation against the US dollar. Strong earnings were primarily driven by a 27% year-over-year increase in reported sales from the product commerce segment, which includes overnight delivery services and fresh produce delivery. The strong performance took the New York Stock Exchange-listed company’s stock above $20 in intraday trading for the first time since April 4. It closed at $19.76, up more than 4% from the previous session. Coupang achieves first-ever profit in second quarter

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