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South Korea’s Coupang, an SoftBank-sponsored ecommerce group, reports on a quarterly increase in losses as the Covid-19 epidemic boosted its business reputation.
The company reported on Wednesday that revenue lost for the first quarter rose 180% a year to $ 295m, although revenue rose 74% to $ 4.2bn. The loss was slightly worse than experts speculate.
Coupang’s disappointing results were the first to follow what they sell online high-end market share in New York in March, which cost more than $ 80bn.
The first offering, which was the largest foreign exchange in the US since Chinese company Alibaba in 2014, contributed to the profitability of SoftBank technology drawing $ 46bn in the recent financial year of the technical team in Japan.
However, Coupang’s situation has deteriorated since the release of the IPO.
The group’s stock, which once cost $ 118bn, has dropped to $ 62bn and has been rocked by several deaths transporters and storage staff.
Coupang condemned the loss of interest which cost $ 87m and the amount of work and money spent. The company has invested heavily in the construction of 100 hubs of 30 cities and a team of more than 15,000 operators. Coupang boasts that almost 100% of its orders are issued on the same day or the next.
The company said its working customers, or those who bought goods through Coupang once a quarter, rose by 21% to 16m. Working customer service increases by 44% annually to $ 262, the group said.
Coupang, founded in 2010, is the largest player in South Korea’s highly competitive ecommerce market.
The company said the market will grow to $ 206bn by 2024. According to a Euromonitor survey, the share of ecommerce in South Korea is likely to grow by 11% this year, to $ 116bn.
But the company’s growth was hampered by Death of eight employees, plus two subcontractors, who are said to be working overtime with political parties.
Coupang, whose other assets include investment firm Sequoia Capital and US treasurer BlackRock, has denied the allegations. The company said only one death was admitted to work.
Shares posted by Coupang in New York fell 2.5% Wednesday before announcing the results.
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