Coupang, Inc. CPNG shares are trading higher after the company reported better-than-expected fourth-quarter results after the bell Tuesday. Here's a look at the highlights.
The Details: Coupang reported quarterly adjusted earnings of 8 cents per share, beating the analyst consensus estimate of 6 cents per share.
Quarterly sales came in at $6.6 billion, which beat the analyst consensus estimate of $6.44 billion and is a 23.9% increase over sales of $5.33 billion from the same period last year.
Product Commerce segment net revenues reached $23.6 billion, growing 18% year-over-year, and Developing Offerings segment net revenues were $789 million, up 26% year-over-year on a reported basis.
“Our accelerating growth in revenues, active customers, and WOW members reflect our unrelenting focus on creating ‘wow’ for our customers across selection, price, and service,” said Bom Kim, CEO of Coupang.
“This year we provided a record $3 billion in benefits and savings to our WOW members, providing relief amidst high inflation. Customers are increasingly turning to WOW membership for its unparalleled value, from exclusive discounts on retail products and Eats, to free Dawn Delivery, to unlimited Play content streaming, and so much more,” Kim added.
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CPNG Price Action: According to Benzinga Pro, Coupang shares are trading up 8.76% after-hours at $18.37 at the time of publication.
Photo: Megan Rexazin Conde from Pixabay
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