Coupang posts 1st quarterly loss in two years; revenue soars

Quick Summary:

Coupang Inc., South Korea's e-commerce behemoth, posted its first quarterly loss in two years after booking the hefty fine imposed in relation to its alleged search algorithm manipulation and losses from Farfetch, a London-based online retailer for luxury goods, it acquired in January.

Coupang attributed the operating loss to the $121 million fine slapped by the Korea Fair Trade Commission in June and restructuring costs for Farfetch.

Coupang's operating loss came in at 34.2 billion won ($25 million) in the second quarter of this year, snapping its gaining streak in the past seven quarters.

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Article Details

Category: Economy

Markets: South Korea

Topics: Loss Quarterly Search Year Quarter Coupang June First Million Korea Second

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-07 @ 13:59:30 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 265 words

Reading Time: 2 minutes read

Sentences: 18 lines

Sentence Length: 15 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 21966755

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