Coupang Sustains Profit Streak, Sees Logistics Investments Pay Off
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Coupang Sustains Profit Streak, Sees Logistics Investments Pay Off
Coupang Sustains Profit Streak, Sees Logistics Investments Pay Off
(Bloomberg) -- Coupang Inc., the online retailer popular in South Korea for early and one-day delivery, posted its fourth straight quarterly profit after investments in logistics and membership programs helped shore up margins.
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The company’s US shares surged more than 6% in extended trading following the report.
Coupang, which went public in New York in 2021, is one of the few major e-commerce companies from Asia that’s turned profitable. Backed by SoftBank Group Corp., the firm has posted a net income since the third quarter of last year, helped by leaner operations and its “Wow” membership service, akin to Amazon.com Inc.’s Prime.
Net income was $145 million for the second quarter, compared with a loss of $75.5 million a year earlier, the US-listed company said Tuesday in a statement. Net revenue climbed 16% to $5.8 billion, in line with analysts’ estimates.
“Our flywheel is accelerating — both revenue and active customers increased at a faster pace this quarter,” Coupang Chief Executive Officer Bom Kim said during a conference call.
Coupang’s active customers, or customers who ordered at least once directly from its app or website during the quarter, rose to a record 19.7 million during the second quarter, up 10% from a year ago.
The company has been trying to increase retention with member perks after raising monthly fees last year to 4,990 won ($3.80) from 2,900 won, and it rolled out new discounts on Coupang Eats.
Like many of its peers, Coupang’s core online retail business grew during the pandemic to meet demand for deliveries including fresh vegetables and home appliances. While the overall e-commerce market has since decelerated, Coupang sustained growth, helped by a delivery service supported by a network of automated fulfillment centers.
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1d ago - Reuters
Honda posts 78% rise in Q1 profit on U.S. sales jump
TOKYO (Reuters) -Japan's Honda Motor reported a 78% rise in quarterly profit on Wednesday, boosted by increased sales, especially in the North American market, and a weaker yen. Japan's second-biggest automaker by sales said its operating profit totalled 394.4 billion yen ($2.76 billion) in the three months through June, handily beating the average 324.74 billion yen estimate in a poll of 10 analysts by Refinitiv. Like other automakers, Honda said it benefited from strong sales to retail customers in the key U.S. market, posting a 44.7% year-on-year jump to 347,000 units, as the impact of post-pandemic disruptions in the supply of parts and chips eases.
7h ago - Yahoo Finance
UPS and other shippers have a new vulnerability: their workers
Package delivery companies are wrestling with higher worker pay while demand shrinks across the industry.
22h ago - Zacks
8x8 (EGHT) Q1 Earnings and Revenues Lag Estimates
8x8 (EGHT) delivered earnings and revenue surprises of -7.14% and 1.94%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
15h ago - Bloomberg
Newcrest Leftovers Don’t Appeal to Australia’s Top Gold Miners
(Bloomberg) -- Australia’s soon-to-be top two gold miners say they’re not interested in buying two operations predicted to be put up for sale by Newmont Corp. after its $19 billion acquisition of Newcrest Mining Ltd.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneWall Street WhatsApp, Texting Fines E
10h ago - Skift
TUI Returns to Profit, Eyes Shifts From Extreme Weather
TUI is acutely aware that its holiday package tours could be prone to seasonality shifts, as the group has just had to deal with the impact of severe weather warnings and wildfires. Despite all this and rising prices, travel demand from its main markets remains strong.
1h ago - Investor's Business Daily
Li Auto Earnings Boom. Tesla Rival Sinks Despite Strong Outlook, Mega Update.
Li Auto earnings boomed on soaring sales, with the Tesla rival's delivery outlook strong. Li Auto stock fell but has more than doubled in 2023.
17h ago - Zacks
ZipRecruiter, Inc. (ZIP) Beats Q2 Earnings and Revenue Estimates
ZipRecruiter, Inc. (ZIP) delivered earnings and revenue surprises of 100% and 0.73%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
15h ago - Zacks
Vroom (VRM) Reports Q2 Loss, Tops Revenue Estimates
Vroom (VRM) delivered earnings and revenue surprises of 5.88% and 2.28%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
15h ago - Zacks
Blink Charging (BLNK) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
While the top- and bottom-line numbers for Blink Charging (BLNK) give a sense of how the business performed in the quarter ended June 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
12h ago
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