Coupang posts biggest quarterly loss in 4 years

E-commerce giant Coupang reported its largest quarterly loss in more than four years, with CEO Bom Kim, also known as Kim Bom-suk, attributing the setback largely to a $1.16 billion customer restitution package following last year’s major data breach. The New York Stock Exchange-listed company posted an operating loss of $242 million for the period, a $373 million decline from a year earlier and its largest loss since the fourth quarter of 2021. Kim, who founded Coupang in 2010, said during a conference call that customer vouchers were one of two “distinct factors” pressuring profitability this quarter. “I want to describe them separately because they behave very differently going forward,” he said. “The first is the customer vouchers we issued in response to the incident. These are one-time in nature. The bulk of the impact is contained to Q1, with a modest tail into the first part of Q2.” Kim admitted in the call that the first three months of the year were “the low point in our product commerce revenue growth rate.” He added that although the company is working to recWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times