Coupang has announced its financial results for 2024, revealing that its annual revenue has surpassed 40 trillion won for the first time in the company's history. This milestone comes just one year after the company exceeded 30 trillion won in revenue in 2023. The strong performance was driven by the growth of its global new businesses, including the global luxury goods platform Farfetch and the Taiwan rocket delivery service.   

According to the earnings report released by Coupang Inc. on February 26 (Korean time), the company's annual revenue for 2024 was 41.2901 trillion won, a 29% increase from the previous year. Operating profit was 602.3 billion won, a 2.4% decrease from the previous year. This marks the second consecutive year of profitability for Coupang, following its first annual operating profit in 2023.   

In the fourth quarter of 2024, Coupang's revenue was 11.1139 trillion won, a 28% increase from 8.6555 trillion won in the same period of the previous year. Operating profit for the fourth quarter was 435.3 billion won, a 154% increase from the previous year. This increase was due in part to the inclusion of 244.1 billion won in insurance proceeds from the fire at the Deokpyeong logistics center.

Coupang's strong performance was driven by the growth of its global new businesses, including Farfetch and the Taiwan business. Revenue from these growth businesses was 4.8808 trillion won in 2024, a more than four-fold increase from 1.0299 trillion won in the previous year. Revenue from product commerce, including Rocket Delivery, Rocket Fresh, Rocket Growth, and Marketplace, was 36.4093 trillion won, an 18% increase from the previous year.

Coupang's customer base also continued to grow. The number of active customers in the product commerce sector at the end of 2024 was 22.8 million, a 10% increase from 20.8 million in the previous year. Revenue per customer also increased by 6% to 446,500 won.   

Overall, Coupang's 2024 financial results demonstrate the company's continued growth and success in the e-commerce market. The company's investments in new businesses and its focus on customer satisfaction have helped it to achieve record revenue and maintain profitability.

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