coupang (New York Stock Exchange: CPNG) shares soared in Wednesday’s extended session after reporting a record high gross profits and gross margins.
The Korean e-commerce company beat analysts’ earnings-per-share estimates, posting a smaller-than-expected loss, while a high revenue report of $5.12 billion was only marginally below expectations. , but up 22% year-over-year. Of particular note, gross profit margin improved by more than 450 basis points from the prior quarter despite a confluence of supply chain, inflation and geopolitical issues.
“Thanks to our unparalleled customer experience and services, we have continued to grow at multiples of the overall e-commerce segment with constant currency revenue growth of 32% year-over-year,” said the director. financier Gaurav Anand. “We also recorded the highest gross profit and gross profit margin in the company’s history, which helped our Product Commerce segment achieve profitability in the first quarter.”
He added that innovations and operational changes will continue to protect margins in the future and keep the company on the path to overall profitability.
Shares rose more than 20% shortly after the results hit the news wires.
Read JP Morgan’s recent bullish review of the company amid a sell-off.