Coupang (NYSE: CPNG) has announced its financial results for the fourth quarter that ended December 31, 2022.
The Company reported total net revenues of $5.3 billion, an increase of 5% yearly.
The Company’s total gross profit increased 59% year over year to $1.3 billion, with a gross profit margin of 24.0%, an improvement of more than 810 basis points yearly.
Net income was $102 million, an improvement of $507 million year over year, and Adjusted EBITDA was $211 million, an increase of $496 million yearly.
Coupang’s Product Commerce net revenue for the quarter was $5.2 billion, up 5% year over year.
The company’s Product Commerce segment adjusted EBITDA margin reached a record 5.1%, demonstrating the long-term profit potential of the company’s core offerings.
Developing Offerings reported an adjusted EBITDA loss of $55 million, an improvement of $105 million year-over-year.
For the full year 2022, Coupang reported total net revenue of $20.6 billion, an increase of 12% year-over-year.
The company’s total gross profit improved 60% year-over-year to $4.7 billion, with a gross profit margin of 22.9%, an expansion of over 680 basis points year-over-year.
The company’s net loss was $92 million, an improvement of $1.5 billion year over year, and Adjusted EBITDA was positive $381 million, a gain of $1.1 billion year over year.
Coupang’s Product Commerce net revenue for the year reached $20.0 billion, up 12% year over year.
Product Commerce adjusted EBITDA margin was 3.0%, an expansion of more than 500 basis points year-over-year.
The Company’s cash flow from operations was $565 million, an improvement of $976 million year-over-year, and free cash flow was $(246) million, an increase of $837 million year-over-year.
The Company’s WOW membership program had 11 million paid members at the end of 2022, an increase of more than 20% year over year.
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