Shares of Coupang, Inc. were initially down 9% in extended trading Wednesday after the e-commerce company reported fiscal second-quarter results.
Coupang reported a net loss of $518.6 million, or 30 cents a share, compared with a net loss of $102 million, or $5.81 a share, in the year-ago quarter. A fire that damaged one of the company's fulfillment centers in South Korea resulted in inventory and equipment losses of nearly $300 million, according to Coupang.
Revenue jumped 71% to $4.48 billion from $2.6 billion a year ago. Analysts surveyed by FactSet had expected a net loss of 15 cents a share on revenue of $4.45 billion. Coupang shares are down 24% so far in 2021, while the broader S&P 500 index is up 18% this year.
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