By Sabela Ojea
Coupang posted a drop in profit in the third quarter and said online luxury ecommerce company Farfetch is expected to spend less money than it makes earlier than planned.
Seattle-based Coupang operates an online shopping business in Korea, and on Tuesday posted a net profit attributable to shareholders of $70 million, or 4 cents a share, compared with $91 million, or 5 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast per-share earnings of 1 cent.
Revenue rose 27% to $7.87 billion, beating the $7.76 billion expected by analysts, according to FactSet.
Excluding FarFetch, revenue rose 20%. Coupang completed the acquisition of Farfetch in January through a deal that provided the ecommerce site access to $500 million in capital.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 05, 2024 16:36 ET (21:36 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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