Coupang widens net loss to $105M as Farfetch, fine erode profit Published: 07 Aug. 2024, 08:36 CHO YONG-JUN cho.yongjun1@joongang.
co.kr Coupang delivery trucks [YONHAP] Coupang posted a net loss of $105 million during the second quarter, hit by the losses generated by its subsidiary Farfetch and an estimated fine of $121 million by Korea’s Fair Trade Commission (FTC) for an alleged manipulation of its search algorithms. It marks the e-commerce operator's second consecutive net loss.
The New York-listed company reported $25 million in operating loss compared to a profit of $147.6 million in the same period last year. The company’s net revenue for the April-June period stood at $7.
3 billion, up 25 percent year on year. Coupang acquired the London-based online luxury shopping company Farfetch — which was facing bankruptcy — for $500 million last December. BY CHO YONG-JUN [cho.
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