South Korean e-commerce company Coupang’s revenue grew 71% in the second quarter!

South Korean e-commerce giant Coupang said on Thursday that its second-quarter sales were $4.48 billion, up 71% year-on-year , a record high.

This marks the first time Coupang's quarterly revenue has exceeded 5 trillion won ( US$4.33 billion ), and also marks the 15th consecutive quarter of year-on-year sales growth of more than 50% since July 2017 .

Coupang , known as the Amazon of South Korea , is headquartered in Seoul and has nine offices around the world. It completed the largest listing on a U.S. exchange since Uber in 2019 in March this year .

Coupang CEO Kim Bom said, "The Korean market is a huge business opportunity. We believe Coupang is already the largest e-commerce company in Korea, and our growth rate is significantly faster than other e-commerce companies."

The company is understood to have sold more than 100,000 kilos of its fresh food unit and online food platform Coupang to customers in the second quarter.   Eats invested $120 million. Its fresh food sales more than doubled to $2 billion in the second quarter, while Coupang   Eats sales also more than tripled from the fourth quarter of 2020.

At the same time, its active customers increased by 26% year-on-year to 17 million , and revenue per active customer increased by 36% year-on-year to US$263.

However, while sales are growing, we should also mention Coupang 's second-quarter losses and the problems it is facing.

According to the editor, Coupang suffered a net loss of US$518.6 million and an operating loss of US$514.9 million in the second quarter.

Its second-quarter losses were mainly related to a fire at a warehouse in Icheon, Gyeonggi Province in June. As a result of the fire, Coupang suffered $296 million in losses , including $158 million in inventory loss, $127 million in property and equipment loss, and $11 million in other losses.

Excluding the fire, the company's loss was $223.1 million, lower than the net loss of $295 million in the first quarter of 2021.

In addition, the editor also learned that Coupang is also facing problems such as labor shortages and high cost challenges brought about by fierce competition. At the same time, Coupang has also been accused of manipulating search algorithms to prioritize its own products over suppliers' products , and the country's Fair Trade Commission has launched an investigation into this.

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