SEOUL (Reuters) – Coupang Corp, one of South Korea’s biggest e-commerce firms, said on Tuesday its operating loss shrank by a third last year, helped by a 64% climb in revenue as it expanded its customer base and online demand for home appliances and groceries surged.
The SoftBank-backed company has seen sales jump even more this year as demand spikes amid the coronavirus pandemic.
Its operating loss for 2019 came in at 721 billion won ($593 million), compared with a loss of 1.1 trillion won in the previous year, it said in a regulatory filing.
Revenue climbed to 7.2 trillion won, the second year in a row it has seen a jump of more than 60%.
The stronger performance is a relatively bright note among SoftBank Group Corp (9984.T) investments. The Japanese investment giant said this week it expects its $100 billion Vision Fund to book a loss of 1.8 trillion yen due to the worsening performance of its tech bets.
Around the world, the coronavirus pandemic is only adding momentum to…
Source Reuters Tech News
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