Coupang Inc. disclosed to the U.S. Securities and Exchange Commission (SEC) on the 5th that it posted third-quarter revenue of 12.8455 trillion won ($9.267 billion) and operating profit of 224.5 billion won ($162 million). Revenue rose 20% and operating profit increased 51.5% from a year earlier. Quarterly revenue was the highest on record.
Net profit was 131.6 billion won ($95 million), up 51% from a year earlier. The operating margin and net margin were 1.7% and 1%, respectively.
What drove the third-quarter revenue increase was Developing Offerings. Revenue in the Developing Offerings segment rose 31% from a year earlier to 1.7839 trillion won ($1.287 billion). The Developing Offerings segment includes the Taiwan Rocket Delivery business as well as Farfetch, Coupang Play, and Coupang Eats.
Third-quarter revenue for Product Commerce, including Rocket Delivery, Rocket Fresh, and Rocket Growth, was 11.0615 trillion won ($7.98 billion), up 18% year over year. Active customers in Product Commerce during the same period totaled 24.7 million, up 10% from 22.5 million a year earlier. Revenue per Product Commerce customer was 447,730 won ($323), up 7% from a year earlier.
Third-quarter operating profit (224.5 billion won) was similar to the first quarter (223.7 billion won) and second quarter (209.3 billion won) of this year. It was lower than the fourth quarter of last year (435.3 billion won), when quarterly operating profit hit a record high.
The third-quarter operating margin was 1.7% of revenue, a slight increase from 1.38% a year earlier. It was lower than the first quarter's 1.9% and the same as the second quarter's 1.7%.
Due to expanded investment, the adjusted EBITDA loss of the Developing Offerings business was 404.7 billion won ($292 million), up 134.6% from a year earlier.
Coupang Inc. said it bought back 2.8 million shares of Class A common stock this quarter for $81 million.