Coupang Q3 Earnings Beat Estimates with 27% Revenue Growth, CEO Bom Kim Announces Upcoming Stock Sale

Coupang, Inc. (NYSE:CPNG) shares are trading higher premarket on Wednesday after the company reported third-quarter results on Tuesday.

Net revenues rose 27% year over year (+32% on an FX-neutral basis) to $7.9 billion, beating the consensus of $7.76 billion. Excluding Farfetch, net revenue growth was 20% on a reported basis and 25% FX-neutral.

Gross profit rose 45% to $2.3 billion, with a margin of 28.8%, up 350 bps. Excluding Farfetch, gross profit came in at $2.1 billion, up 33%, with a margin of 28.1%.

Adjusted EBITDA was $343 million, reflecting a margin of 4.4%, an increase of 50 bps year-over-year. Excluding Farfetch, adjusted EBITDA stood at $345 million with a margin of 4.6%.

Product Commerce segment net revenues ...