A South Korean online retailer known for same-day and next-day delivery, Coupang Inc., posted its fourth consecutive quarterly profit, helped by profitable membership programs and improved logistical efficiency.
The company, sponsored by SoftBank Group Corp., announced a net income of $145 million for the second quarter in a statement issued on Wednesday (Aug. 8), as opposed to a loss of $75.5 million the year before.
Additionally, it recorded net sales of $5.8 billion, an increase of 16% on a reported basis and 21% on an FX-neutral basis from the previous year. This was due to active customer growth and was in line with analyst predictions.
Chief Financial Officer Gaurav Anand stated on the results call with investors that “active customer growth continues to accelerate, increasing 10% year over year to 19.7 million in Q2.” Over the previous year, we added 1.8 million active clients.”
The active customer base increased by 10% year on year, with 80% of total WOW membership customers using the company’s meal delivery service. Anand claimed that Coupang plans to invest $400 million in Taiwan to grow its streaming and meal delivery services. As a result, the firm is sure that its development is sustainable and that it will continue to produce strong growth while focusing on providing value to consumers.
