Coupang, Inc. reported significant financial performance for the third quarter of 2024, showcasing a robust increase in total net revenues and operating income, despite a decline in net income. Total net revenues reached $7,866 million, marking a 27% increase from $6,184 million in Q3 2023. This growth was driven by a 16% rise in net retail sales, which amounted to $6,140 million, up from $5,315 million in the prior year. Additionally, net other revenue surged by 99%, reaching $1,726 million compared to $869 million in Q3 2023.
Operating income also improved, totaling $109 million, a 24% increase from $88 million in the same quarter last year. However, net income experienced a decline of 30%, falling to $64 million from $91 million in Q3 2023. Net income attributable to Coupang stockholders was reported at $70 million, down from $91 million in the previous year. In contrast, comprehensive income rose significantly to $213 million, compared to $67 million in Q3 2023.
As of September 30, 2024, Coupang's total current assets increased to $9,212 million from $7,892 million at the end of 2023, while total assets rose to $16,342 million from $13,346 million. Total current liabilities also increased to $8,185 million from $6,945 million, and long-term debt rose to $1,194 million from $529 million. Cash and cash equivalents improved to $5,822 million, up from $5,243 million at the end of 2023.
Cash flow metrics showed a decline, with net cash provided by operating activities for the nine months ending September 30, 2024, at $1,210 million, down 41% from $2,043 million in the same period of 2023. Free cash flow also decreased significantly to $553 million, a 60% drop from $1,393 million in the prior year.
A strategic development during this period included the acquisition of Farfetch, completed on January 30, 2024, which contributed $439 million to total net revenues for Q3 2024. This acquisition reflects Coupang's ongoing efforts to expand its market presence and diversify its revenue streams.
About Coupang, Inc.
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