Coupang, Inc. swung to a $501 million third-quarter net loss even as revenue grew, with a July fire at a South Korean fulfillment center adding to its costs.
The company reported Nov. 3 that revenue for the three months ended Sept. 30 rose 7% from a year earlier to $10 billion. At constant exchange rates, revenue grew 11%. Gross profit fell 6% to $2.6 billion.
The reported net loss attributable to Coupang stockholders compares with $95 million in net income a year earlier. The shift came alongside revenue growth, though the company’s results also included costs associated with the fire.
Coupang said the July blaze damaged a fulfillment center it leases in Incheon, South Korea. Excluding the fire’s impact, it reported an adjusted net loss attributable to stockholders of $321 million. That adjusted figure is a non-GAAP measure; the company’s reported net loss remained $501 million.
