Coupang, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, total net revenues reached $7.965 billion, an increase of 21% year-over-year, or 28% on a constant currency basis. Gross profit grew 48% to $2.491 billion.
The Product Commerce segment reported net revenues of $6.883 billion, up 9% year-over-year, or 16% on a constant currency basis, with segment adjusted EBITDA increasing 21% to $539 million. Product Commerce Active Customers grew 10% to 22.8 million, demonstrating continued customer acquisition and engagement.
Developing Offerings net revenues surged 296% year-over-year to $1.082 billion, or 308% on a constant currency basis. The segment's adjusted EBITDA loss improved to $118 million from $150 million in the prior year, with Farfetch achieving a break-even adjusted EBITDA of $30 million for the quarter.
For the full year 2024, Coupang generated total net revenues of $30.268 billion, up 24%, and gross profit of $8.831 billion, up 43%. The company delivered $1.4 billion in adjusted EBITDA, expanding margins to 4.5%, and generated over $1.0 billion in free cash flow.
Management highlighted significant investments in automation and technology, nearly doubling the highly automated portion of its fulfillment and logistics infrastructure. The company also noted the successful launch of its WOW membership program in Taiwan, contributing to the momentum in its international expansion efforts.
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