Coupang Inc - Class A

Coupang delivered a sharper-than-expected second-quarter result for Q2 2026, posting a loss of $0.09 per share against a consensus estimate of $0.26, a beat of 65.38%, even as the South Korean e-commerce giant navigated a deeply turbulent period. Revenue rose 3.9% year-over-year to $8.86 billion, though that headline figure understates the underlying momentum; on a constant currency basis, growth ran at 10%, with roughly $548 million in Korean Won depreciation masking the real trajectory. The more sobering story was profitability, where approximately $410 million in Korean administrative fines drove a GAAP operating loss of $556 million, compared to operating income of $149 million a year ago. Even stripping out that one-time charge, adjusted operating loss still reached $146 million, signaling meaningful margin pressure in the core business. Consolidated adjusted EBITDA fell 62% to $163 million, and net loss attributable to shareholders came to $570 million, a stark reversal from the $32 million profit posted in Q2 2025, with investors having anticipated significant volatility around the print.