Coupang (CPNG), one of Asia’s largest e-commerce companies, reported first-quarter results late Wednesday, its first report as a newly minted public company. Coupang stock climbed, then fell on the news.
The Seoul, South Korea-based company reported a 74% jump in revenue from the year-ago period to $4.2 billion. That slightly beat FactSet estimates of $4.19 billion.
However, it reported an adjusted loss of 68 cents a share, vs. estimates of a 16-cent loss.
It was the company’s first quarterly report since its initial public offering that began trading two months ago.
Coupang stock fell 2.2%, near 34.50, during after-hours action on the stock market today. It had been down 4%.
Coupang said it ended the quarter with 16 million active customers, up 21%. Total net revenue per active customer was $262, up 44%. Gross profit was $733 million, a 70% increase.
Coupang Stock: Sales Jumped 72% In 2020
For 2020, Coupang reported revenue of $11.9 billion, up 72% from the year-ago period. It reported a net loss of $474.6 million. However, that’s an improvement from a loss of $699 million in the prior year.
The company offers its “Rocket Delivery” service, which promises package delivery within 24 hours, similar to Amazon (AMZN) Prime.
Coupang stock jumped 41% on its IPO, which raised $4.55 billion and received a market valuation near $60 billion. That’s the largest IPO of a foreign company on U.S. markets since Alibaba‘s (BABA) offering in September 2014. Alibaba reports quarterly results Thursday morning.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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