Summary by Futu AI
Coupang, a technology and Fortune 200 company listed on the NYSE, reported its Q3 2024 financial results, revealing a 27% year-over-year increase in total net revenues to $7.866 billion, up from $6.184 billion in Q3 2023. The company's net income, however, declined by 30% to $64 million compared to $91 million in the same quarter of the previous year. The report highlighted the acquisition of Farfetch, a global luxury fashion marketplace, which contributed to the revenue growth. Coupang's Product Commerce segment, which includes core Korean retail and marketplace offerings, saw an 18% increase in segment adjusted EBITDA to $470 million. The Developing Offerings segment, which includes nascent offerings such as Coupang Eats and Coupang Play, reported a 21% decrease in losses. The company's future plans include continued investment in...Show More