Credit: Coupang.
In 2014, Coupang 쿠팡 redefined South Korean e-commerce with its launch of Rocket Delivery 로켓배송, an overnight delivery system offering unparalleled convenience at the cost of terrible working conditions at its logistics centers. (See previous coverage, “Deadly Fire at Coupang Warehouse.”) But at least the company is finally making money.
In its quarterly disclosure filed with the US Securities and Exchange Commission, Coupang said its revenue for Q3 2022 increased by 27% year-over-year, putting the company in the black by USD 77m. The share price of Coupang, which is listed on the New York Stock Exchange, jumped into the $19 per share range, after languishing in the $12 range in mid-2022.
Coupang still has a long way to go to meet investors’ expectations. After its March 2021 initial public offering, Coupang’s shares were trading at around $48 per share before increasingly difficult market conditions for retailers drove it into a long, steady decline.