Coupang (NYSE:CPNG) grew retail revenue 8% in constant currency in Q2, up from 5% in Q1, yet adjusted EBITDA was only $163 million on about $8.9 billion of revenue. Despite a data breach affecting roughly 33 million accounts, active retail customers rose to 24.7 million and revenue per active customer climbed 5% to $321. The Developing Offerings segment, including Eats, Play and Farfetch, brought in about $1.4 billion, up 24%, but still posted a $219 million adjusted EBITDA loss. Margins are the main concern: gross margin fell to 28.2%, retail adjusted EBITDA margin dropped to 5.1%, and trailing free cash flow shrank to $105 million. At 69.44 times forward earnings, the stock's valuation depends on margins recovering.
Summary written by Upside AI from the original article. Read the source for full details.
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