Q2 2024 Coupang Inc Earnings Call Transcript
Key Points
- Coupang Inc (CPNG) reported a 30% year-over-year growth in constant currency revenues, or 23% excluding the impact of the Farfetch acquisition.
- Product Commerce Active Customers grew 12% year-over-year, indicating strong customer retention and acquisition.
- Gross profit reached over $2.1 billion, growing over 40% year-over-year with a gross margin of 29.3%.
- The number of sellers joining the Fulfillment and Logistics by Coupang (FLC) grew 25% quarter-over-quarter and over 150% year-over-year.
- Coupang Inc (CPNG) continues to see strong momentum in its Eats segment, with restaurants on Coupang experiencing nearly 30% growth in volumes within three months.
- General and administrative (G&A) expenses as a percentage of revenue increased by 600 basis points year-over-year, primarily due to the inclusion of Farfetch and related restructuring costs.
- Coupang Inc (CPNG) accrued an estimated $121 million administrative fine announced by the Korean Fair Trade Commission.
- The company reported a net loss attributable to Coupang stockholders of $77 million for the quarter.
- Developing offerings segment reported a $200 million loss for the quarter, driven by additional investments and the consolidation of Farfetch.
- Despite strong growth, the company remains in the early stages of its journey in Taiwan, with customer experience and operational excellence not yet at desired levels.
Hello, everyone. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang 2024 second quarter earnings conference call. All lines have been placed on mute to prevent any background noise.
After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)
Now I'd like to turn the call over to Mike Parker, Vice President of Investor Relations. You may begin your conference.
Thanks, operator. Welcome, everyone, to Coupangâs second quarter 2024 earnings conference call. I'm pleased to be joined on the call today by our Founder and CEO, Bom Kim; and our CFO, Gaurav Anand.
The following discussion, including responses to your questions, reflects management's views as of today's date only. We do not undertake any obligation to update or revise this information, except as required by law.
Certain statements made on today's call include forward-looking statements. Actual
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