Coupang's Q1 2024 Report Reveals Strong Performance

Coupang's Q1 2024 Report Reveals Strong Performance

Adelaide Lefebvre
2 min read

Coupang Reports 22.6% YoY Increase in Q1 2024 Net Revenue

Coupang, the South Korean e-commerce leader, disclosed its first quarter financial results on May 7, revealing significant growth in net revenue and gross profit.

Key Takeaways

  • Coupang witnessed a 22.6% Year-over-Year (YoY) surge in net revenue for Q1 2024, amounting to an impressive $7.1 billion. Additionally, the company experienced a substantial 35.8% increase in gross profit, reaching $1.9 billion.
  • Despite the noteworthy performance, the company's Earnings Per Share (EPS) experienced a 100% decline, largely attributed to losses from the Farfetch unit. Excluding this acquisition, the EPS would have remained stable.
  • Coupang remains committed to its strategic focus on expanding market reach, enhancing the overall shopping experience, and driving growth through technological advancements. Furthermore, Q1 2024 also witnessed a 23% YoY growth in net revenues, a 28% growth on a constant-currency basis, and an expansion in gross profit margin.
  • While the Farfetch acquisition and financial strains stemming from market expansion pose challenges, Coupang continues to maintain its competitive edge.


Coupang's Q1 2024 results depict a notable 22.6% YoY revenue surge and a remarkable 35.8% gross profit growth, despite the decline in EPS correlated with the Farfetch unit losses. The acquisition's financial impact exacerbates challenges arising from market expansion. Nevertheless, Coupang's unwavering commitment to prioritize customer experience and technology-driven growth has contributed to sustaining its competitive advantage. This performance is closely observed by major investors, such as SoftBank and BlackRock, who might experience portfolio fluctuations due to Coupang's performance.

The rapid growth and potential setbacks of Coupang, particularly in its primary operating country, South Korea, could significantly impact the local economy. Furthermore, the broader technology sector encompassing e-commerce and logistics will likely feel the influence of Coupang's continuous expansion and technological innovations. In the short term, Coupang is anticipated to solidify its presence in existing and new markets, while the long-term repercussions could involve the consolidation of its dominant market share and the formation of strategic partnerships.

Did You Know?

  • Coupang: Renowned as the "Amazon of South Korea," Coupang is a leading e-commerce company acknowledged for its swift delivery services, including "Rocket Delivery," which promises delivery within 24 hours. Notably, Coupang went public on the New York Stock Exchange in March 2021.
  • Year-over-Year (YoY) Increase: This comparison assesses a company's performance in the current period against the corresponding period in the previous year. In this case, the 22.6% YoY increase in net revenue indicates a $1.3 billion growth in revenue compared to Q1 2023 for Coupang.
  • Earnings Per Share (EPS): A metric measuring a company's profitability, calculated by dividing its net income by the outstanding shares. A decline in EPS signifies reduced profitability. However, in the case of Coupang, the decline was primarily influenced by losses from the Farfetch unit, with the exclusion of which the EPS would have remained steady.Note: EPS can become negative if a company's net loss surpasses its net income. In this instance, a 100% decline in EPS signifies a net loss for Coupang in Q1 2024. Nevertheless, without the Farfetch acquisition, the net loss would have been approximately equal to the net income in Q1 2023, resulting in a flat EPS.

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