Coupang Inc, the New York listed South Korean e-commerce company, reported a first-quarter operating loss of $240 million as growth slowed and its customer base declined, marking a return to losses after more than four years.
The company posted a net loss of $260 million for the period, according to a filing on the fifth local time. The results represent the weakest quarterly performance since 2021, when Coupang was still in an earlier phase of rapid expansion.
Revenue rose 8 percent year over year to $8.5 billion, slowing to single-digit growth for the first time since its listing in New York. The deceleration underscores a broader cooling trend in South Korea’s e-commerce sector, where growth has begun to moderate after years of expansion.
Active customers fell to 23.9 million from 24.6 million in the previous quarter. Coupang said the decline was partly linked to the impact of a data security incident, while also reflecting broader softness in demand and a maturing customer base.
The company’s core product commerce segment, which includes its Rocket Delivery service, grew 4 percent to $7.1 billion, highlighting continued slowdown in its main retail operations.
While local discussion has linked the customer decline to user attrition following the security breach, the overall results suggest a broader slowdown in growth momentum rather than a single-factor disruption.
Coupang repurchased $391 million worth of shares during the quarter and approved an additional $1 billion buyback program, signaling continued focus on shareholder returns even as growth moderates.
