Coupang Reports First Loss in Two Years Despite Strong E-Commerce Growth

Coupang experienced its first loss in two years, despite strong growth in its e-commerce business. The loss was attributed to the acquisition of Farfetch and a regulatory fine. Despite the loss, revenue increased, and the company highlighted its focus on expanding its customer base and increasing spending from existing customers. Coupang aims to achieve profitability for Farfetch by the end of 2024. The company is also addressing allegations of favoring its own products over those of third-party sellers, which resulted in a significant fine.