Overview
- Coupang, which reported results Wednesday, logged $8.5 billion in revenue but its largest quarterly net and operating losses since 2021.
- CEO Bom Kim said roughly $1.2 billion in customer vouchers and a logistics capacity mismatch from the demand slump caused the downturn, with most effects confined to Q1 and a small carryover into early Q2.
- WOW, the company’s paid membership program, has regained about 80% of lapsed members by late April as sign-ups and cancellations returned to normal levels.
- The company repurchased $391 million of shares in the quarter, and its board cleared an additional $1 billion buyback.
- South Korea’s antitrust regulator labeled Kim the de facto controller of a conglomerate, and Coupang said it will seek administrative litigation to overturn the designation.