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Coupang Inc. reports third-quarter results. / Source: Company filing

Coupang Inc. posted net income of 131.6 billion won ($95 million) for the third quarter, up 51% from 86.9 billion won ($64 million) a year earlier. In dollar terms, profit rose 48%. The net margin was 1%, slightly higher than 0.8% a year ago. Earnings per share came in at $0.05, up one cent from $0.04.

Active customers in the product-commerce segment—including Rocket Delivery, Rocket Fresh and Rocket Growth—reached 24.7 million, a 10% increase from 22.5 million a year earlier. Segment revenue rose 18% to 11.0615 trillion won ($7.98 billion). Revenue per customer was 447,730 won ($323), up 7% year on year.

Growth businesses—including Taiwan operations, Farfetch, Coupang Play and Coupang Eats—generated 1.7839 trillion won in revenue, up 31% in won terms, led by continued momentum in Taiwan Rocket Delivery and other global businesses.

However, adjusted EBITDA losses in growth businesses widened 130% year on year to 404.7 billion won, up from 172.5 billion won. Compared with the second quarter’s 330.1 billion won loss, the figure increased 23%.

Cash generation improved sharply. Operating cash flow was 1.0979 trillion won for the quarter, a 137% jump from 463.0 billion won a year earlier.

Coupang Inc. repurchased 2.8 million Class A shares in the third quarter for approximately $81 million.