‘South Korea’s Amazon’ Coupang swings to surprise profit, stock rallies more than 7%

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Coupang Inc. CPNG, -7.02% shares rose nearly 8% in the extended session Wednesday after the South Korean e-commerce giant swung to a surprise profit in its third quarter. Coupang earned $91 million, or 5 cents a share, in the quarter, contrasting with a loss of $324 million, or 19 cents a share, in the year-ago period. Revenue rose 27% to $5.1 billion, the company said. FactSet consensus called for a loss of 3 cents a share on sales of $5.2 billion. Coupang has invested “billions of dollars … over the past seven years to build an unrivaled network that integrates technology, fulfillment and last-mile logistics,” founder and Chief Executive Bom Kim said in a statement. “We will continue investing in process optimization and automation, including machine learning and robotics, to deliver even richer experiences and lower prices for our customers.” Coupang, often dubbed “South Korea’s Amazon,” had its initial public offering in March 2021.

This article was originally published by Marketwatch.com. Read the original article here.

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