Alibaba’s net income plunged 86% to $453 million in the comparative quarter due to net loss from its investments in publicly traded companies during the quarter. Adjusted net income declined 11% Y/Y to $3.38 billion.

Coupang’s CEO, Kim Bom-suk, highlighted concerns over growing competition from Chinese e-commerce platforms offering low-priced products, such as AliExpress and PDD Holdings Inc (NASDAQ:PDD) Temu.

AliExpress’s strategy includes a $1.1 billion investment in a logistics hub and call center in South Korea, aiming to match Coupang’s quick delivery times.

Domestically, Coupang faces stiff competition from Naver, which holds a 20% market share compared to Coupang’s 22%.

To diversify, Coupang is exploring new opportunities in grocery and food delivery, areas where Chinese rivals struggle.

Price Actions: CPNG shares were trading higher by 0.34% at $23.31 premarket at the last check on Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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