To shore up its dominance, Coupang is getting into food and grocery delivery, video-streaming and fintech, with a “buy-now-pay-later” scheme
Save time by listening to our audio articles as you multitaskThings have gone downhill from there. Coupang’s share price is around three-quarters below its peak. In March SoftBank, a Japanese tech-investor and Coupang’s largest shareholder, offloaded 50m shares for $1bn, having sold a tranche of the same size for $1.7bn six months earlier. The firm has been caught up in a broader sell-off in volatile tech stocks, especially in unproven companies.
The firm remains confident. On May 11th it reported buoyant first-quarter results. Sales rose by 22% year on year, to $5.1bn. Although it booked another net loss, its core business actually turned profitable on an adjusted basis, earlier than expected. Its shares looked set to start trading a fifth higher the next day, afterNearly half its net loss last year was explained by reinvestment, especially in its infrastructure. Some 70% of South Koreans now live within 10km of one of its warehouses.
to complement its own e-payment system. That has helped it draw more people into its empire. In the first quarter the number of active customers grew by 13% year on year, to 18m, having risen by double digits in previous quarters. Last year it launched in Japan and Taiwan. Like South Korea, those countries have high smartphone penetration, ingrained online-shopping habits and dense cities—in other words, Coupang’s rocket fuel.
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