Coupang, Inc. (NYSE: CPNG), a leading e-commerce company, reported impressive financial results for the third quarter of 2024, fueled by strong revenue growth across its core business segments and strategic initiatives.
The company's total net revenues soared 27% year-over-year to $7.9 billion, exceeding analysts' expectations of $7.76 billion. This robust performance was driven by a 16% increase in Product Commerce net revenues and a remarkable 347% surge in Developing Offerings net revenues, reflecting Coupang's success in expanding its offerings and capturing new growth opportunities.
Coupang's gross profit grew an impressive 45% year-over-year to $2.3 billion, with gross profit margins expanding by 350 basis points to 28.8%. This significant improvement in profitability can be attributed to the company's relentless focus on operational excellence and cost optimization strategies.
Adjusted EBITDA, a key measure of profitability, surged 44% year-over-year to $343 million, with an adjusted EBITDA margin of 4.4%, up 50 basis points from the same period last year. This strong profitability reflects Coupang's ability to effectively scale its operations while maintaining cost discipline.
The company's core Product Commerce segment continued to drive growth, with net revenues increasing by 16% year-over-year to $6.9 billion. The segment's adjusted EBITDA grew 18% year-over-year to $470 million, with a margin of 6.8%, reflecting Coupang's operational efficiency in this core business.
