Coupang, Inc. (NYSE: CPNG) stock is down 9.09% in the pre-market trading session at the price of $33.82 after the release of the second-quarter 2021 report.
SMEs on Coupang’s Marketplace Recorded 87% YoY Sales:
CPNG stock, on 11th August 2021, declared that small and medium-sized enterprises (SMEs) on the company’s marketplace increased their sales 87% YoY in the second quarter. In comparison, a decline of 7% is seen in SME offline sales in Korea during that period.
This high sales growth is a result of the company’s dedication to helping small enterprises. Hundreds of thousands of small traders are making their living on Coupang. They constitute almost 80% of the company’s total sellers. Coupang, to support their success, provides them onboarding support and training. Moreover, support their marketing and promotional activities to help them grow their businesses. This year alone, Coupang has allocated nearly $350 million to small businesses in Korea, working along with the government and local authorities.
Chil-sik Yang, CEO of wet tissue manufacturer Soonsu Korea, remarked that working with Coupang has helped them create more jobs. Moreover, the sales have increased nine times, and the staff has quadrupled since they started working with Coupang, he added.
CPNG Stock Second Quarter Revenue Growth:
On 11th August 2021, CPNG published financial results for its second quarter ended 30th June 2021. The report recorded revenue of $4.47 billion for the Q2 ended 30th June 2021. Net revenue of $2.6 billion was reported for the same period of 2020. Total net revenues kept growing at a multiple of the Korean e-commerce segment. The growth was 71% on a reported basis and 57% on a constant-currency basis. Gross Profit reported for the second quarter was $658 million, a 50% year-over-year growth. Gross Profit increased 86% year over year to a record $816 million. Coupang recorded a net loss of $518.6 million this quarter, compared with a net loss of $102 million in the previous year’s same quarter.
CEO Bom Kim, Mainstage Speaker at the 2021 FORTUNE Global Forum:
CPNG, on 7th June 2021, declared that founder and CEO Bom Kim would be a mainstage speaker at the 2021 FORTUNE Global Forum. This event was held from 8 to 9th June 2021 and had a focus on Redefined Leadership. It brought the world’s top business leaders, policymakers, and experts to one platform to discuss the principal issues molding global business. Speakers shared the leadership lessons they have learned following the most disruptive period in modern history, intending to tackle the current global challenges and build a better future.
CPNG Stock First Quarter 2021 Results:
CPNG, on 13th May 2021, published financial results for its first quarter ended 31st March 2021. Total net revenues grew 74% year over year to $4.2 billion in the first quarter of 2021. Net loss was $295 million in the first quarter of 2021, which increased to 23.8% of total net revenues from 20.9% in the prior year’s quarter. Gross profit increased 70% to $733 million in the Q1 of 2021, and the gross profit margin was 17.4% compared to 17.8% in the last year. The change in gross margin was due to increased investments to extend new offerings.
