(Bloomberg) -- Coupang Inc. reported double-digit sales growth for the seventh consecutive quarter, propelled by its nascent business forays such as food deliveries. 

The Seattle-based online retailer’s net revenue grew 27% to $7.9 billion in the September quarter, compared with analysts’ average estimate of $7.8 billion. Coupang’s sales got a lift from its developing offerings segment, which includes newer businesses such as Farfetch Holdings Plc, food deliveries and streaming services. Revenue also rose in its core e-commerce business.

Net income fell 23% to $70 million. The decline reflected losses at Farfetch, the online luxury company Coupang acquired in January, it said in a statement Tuesday. Excluding Farfetch, Coupang’s third-quarter net income came to $108 million. 

Shares of Coupang fell 7% in extended trading after the results were announced.

Coupang’s stock has climbed 66% this year, aided by its first full year of profit in 2023. The company that helped popularize one-day delivery in Korea is now seeking growth by expanding into areas such as luxury goods. Coupang has also been investing in Taiwan as Alibaba Group Holding Ltd.’s AliExpress and PDD Holdings Inc.’s Temu push into Korea, its biggest market.

Chief Executive Officer Bom Kim has said he aims to have Farfetch reach close to positive adjusted earnings before interest, taxes, depreciation and amortization on a run-rate basis by the end of 2024.

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