Coupang Q3 Earnings Top Estimates with 27% Revenue Growth, CEO Bom Kim Announces Upcoming Stock Sale – Coupang (NYSE:CPNG), Advisor Managed Portfolios Miller Value Partners Appreciation ETF (ARCA:MVPA)

Coupang, Inc. CPNG Shares are trading higher premarket on Wednesday after the company reported third-quarter results on Tuesday.

Net sales rose 27% year over year (+32% on a constant currency basis) to $7.9 billion, beating consensus of $7.76 billion. Excluding Farfetch, net sales growth was 20% on a reported basis and 25% on a constant currency basis.

Gross profit rose 45% to $2.3 billion, with a margin of 28.8%, up 350 basis points. Excluding Farfetch, gross profit was $2.1 billion, up 33%, with a margin of 28.1%.

Adjusted EBITDA was $343 million, representing a margin of 4.4%, up 50 basis points year-over-year. Excluding Farfetch, adjusted EBITDA was $345 million with a margin of 4.6%.

Product Commerce segment net sales were $6.9 billion, increasing 16% on a reported basis and 20% on a currency-neutral basis. The number of active customers in this segment reached 22.5 million, representing growth of 11% in the quarter.

Adjusted EBITDA for the product trading segment increased to $470 million, an increase of $71 million year-over-year, with a margin of 6.8%, an increase of 10 basis points year-over-year, a decrease of 140 Basis points compared to the previous quarter.

Adjusted earnings per share came in at $0.06, above the consensus of $0.01.

Operating cash flow and free cash flow for the trailing twelve months were $1.8 billion and $935 million, respectively.

Gaurav Anand, CFO of Coupang, said: “Our newer offerings and categories, such as Fulfillment and Logistics by Coupang (FLC) and R.Lux, a new luxury offering, are examples of the tremendous growth opportunities through expanding choice at Rocket Delivery.”

“We also reached an important offering development milestone this quarter, reaching near break-even at Farfetch ahead of schedule.”

Additionally, Coupang announced that its founder and CEO, Bom Kim, adopted a pre-arranged stock trading plan several months ago in accordance with SEC Rule 10b5-1 and Coupang's stock transaction guidelines.

The Plan allows Kim to sell up to 15,000,000 Coupang Class A common shares no earlier than November 11, 2024 and subject to certain conditions.

Investors can invest in the stock through the following Portfolios Managed by Advisor Miller Value Partners Appreciation ETF MVPA And ProShares Online Retail ETF ONLN.

Price action: CPNG shares were down 8.18% to $24.69 in pre-market trading on Wednesday at last check.

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