Coupang, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting total net revenues of $7.866 billion, a 27% increase year-over-year, or 32% on a constant currency basis. Gross profit reached $2.269 billion, marking a 45% increase compared to the prior year period.
The Product Commerce segment generated $6.891 billion in net revenues, growing 16% year-over-year, or 20% on a constant currency basis, with segment adjusted EBITDA increasing by 18% to $470 million. Product Commerce Active Customers grew by 11% to 22.5 million, indicating continued customer engagement.
Developing Offerings saw substantial growth, with net revenues surging 347% year-over-year to $975 million, or 356% on a constant currency basis. The segment's adjusted EBITDA loss improved to $127 million from $161 million in the prior year, with Farfetch reaching near break-even profitability with an adjusted EBITDA loss of $2 million, ahead of schedule.
Despite the strong top-line performance, net income attributable to Coupang stockholders decreased by 23% to $70 million, resulting in diluted earnings per share of $0.04. Operating cash flow for the quarter was $334 million, a 54% decrease year-over-year, and free cash flow was negative $42 million, a 108% decrease, primarily due to non-recurring working capital benefits in the earlier period.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.