Key Takeaways:
- Revenue rose 4% to $8.9 billion, missing consensus by 2.2%
- Net loss of $570 million driven by $410 million Korean administrative fines
- Core product commerce spending grew 16% excluding customers lost to data incident
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Coupang posts $570M loss as Korean fines hit Q2 results
Coupang (NYSE: CPNG) reported Q2 revenue of $8.9 billion, up 4% but missing estimates by 2.2%, as Korean fines drove a $570 million net loss.
"The vast majority of our customer spend never moved," Chief Executive Officer Bom Kim said, citing record spending from returning members.
Product Commerce revenue rose 1% to $7.4 billion, with active customers up 3% to 24.7 million. Developing Offerings revenue climbed 20% to $1.4 billion, while segment adjusted EBITDA losses narrowed $16 million to $219 million.
Excluding the fines, adjusted net loss was $160 million, or 9 cents a share, beating the 29-cent consensus. Shares fell 2.9% to $16.28 after hours.
Adjusted EBITDA came in at $163 million, a 1.8% margin down 318 basis points from a year earlier. Gross profit fell 3% to $2.5 billion, with margin contracting 188 basis points to 28.2%. Operating cash flow for the trailing twelve months was $1.4 billion, down $484 million, and free cash flow was $105 million, down $679 million.
The company repurchased 23.2 million Class A shares for $459 million during the quarter.
Kim said the gap between reported 8% constant-currency product commerce growth and the 16% underlying expansion reflects a small cohort of customers who left after last year's data incident and have not returned. Returning members are spending at record levels and compounding at pre-incident rates, while WOW membership has exceeded its prior level.
Management attributed margin compression to supply-chain dislocation, elevated marketing to reacquire customers, and a fixed-cost base sized for pre-incident demand. Rather than cut capacity, the company chose to grow into it. CFO Gaurav Anand said the same discipline restored margins after the COVID demand shift.
Product commerce adjusted EBITDA margins are expected to return to pre-incident levels by mid-2027. Third-quarter consolidated adjusted EBITDA margin is guided to contract 300 to 400 basis points year over year, pressured by the Chuseok holiday shift, with recovery becoming evident in the fourth quarter.
Developing Offerings, led by Taiwan, narrowed losses by $110 million sequentially. Eats and Rocket Now are now sustainable on a combined basis, and full-year developing-offerings adjusted EBITDA losses are expected at $950 million to $1 billion. A July fire at a Korean fulfillment center will not significantly disrupt revenue, with a $246 million carrying-value charge and insurance claims to be recognized from the third quarter.
The results show a company absorbing a one-time regulatory hit while its core customer base recovers faster than reported figures suggest. Investors will watch the third-quarter call for evidence that margin recovery begins as guided in the fourth quarter.
This article is for informational purposes only and does not constitute investment advice.
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