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Coupang | 8-K: Coupang Announces Results for Fourth Quarter 2023

SEC announcement ·  Feb 27 16:02
Summary by Moomoo AI
On February 27, 2024, Coupang, Inc., a leading Asian e-commerce giant, reported its financial results for the fourth quarter of 2023 and the full year ended December 31, 2023. The company, listed on the New York Stock Exchange under the ticker CPNG, saw a significant increase in net revenues, which reached $6.6 billion for the quarter, marking a 23% year-over-year growth. This growth was partly attributed to the company's Product Commerce segment, which generated $6.3 billion in net revenues, and the Developing Offerings segment, which includes international operations and services like Coupang Eats and Fintech, that saw a 105% increase in net revenues. Coupang's active customer base grew to 21 million, a 16% increase from the previous year. The company also reported a net income of...Show More
On February 27, 2024, Coupang, Inc., a leading Asian e-commerce giant, reported its financial results for the fourth quarter of 2023 and the full year ended December 31, 2023. The company, listed on the New York Stock Exchange under the ticker CPNG, saw a significant increase in net revenues, which reached $6.6 billion for the quarter, marking a 23% year-over-year growth. This growth was partly attributed to the company's Product Commerce segment, which generated $6.3 billion in net revenues, and the Developing Offerings segment, which includes international operations and services like Coupang Eats and Fintech, that saw a 105% increase in net revenues. Coupang's active customer base grew to 21 million, a 16% increase from the previous year. The company also reported a net income of $1.0 billion for the quarter, with an adjusted net income of $137 million after accounting for non-cash tax benefits. For the full year, Coupang's total net revenues were $24.4 billion, an 18% increase from the previous year, with a net income of $1.4 billion and an adjusted net income of $465 million. The company's free cash flow improved significantly, reaching $1.8 billion for the year. Coupang's CEO Bom Kim highlighted the growth in revenues, active customers, and WOW membership program, which now has 14 million paid members. CFO Gaurav Anand expressed pride in the team's work and optimism for the future. The financial results were filed with the SEC on a Form 8-K and included a press release detailing the fourth quarter and full-year financial performance.

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