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Coupang (NYSE:CPNG) traded lower in postmarket action on Tuesday after posting a mixed Q2 earnings report. The South Korean online retailer reported revenue rose 16% on a year-over-year comparison to $8.5 billion and topped the consensus estimate by $120 million. Excluding FX swings, revenue was up 19% from a year ago.
Product Commerce segment revenue was up 14% on a reported basis to $7.3 billion, while Developing Offerings segment revenue rose 33% on both a reported basis and an FX-neutral basis.
Adjusted EBITDA for the quarter was $428 million vs. $330 million a year ago.
Gross profit increased 20% on an FX-neutral basis to $2.6 billion. Gross profit margin was 30.0%, an improvement of 79 basis points from a year ago. EPS was reported at $0.02 vs. $0.07 consensus and -$0.04 a year ago.
Operating cash flow for the trailing twelve months was $1.9 billion, a decrease of $297 million from a year ago, and free cash flow was $784 million for the trailing twelve months, a decrease of $729 million. The decrease in free cash flow was primarily driven by timing of capital expenditures as well as impacts of certain working capital fluctuations in the current and previous trailing twelve-month periods that the company expects to normalize by the end of the year.
Shares of Coupang (NYSE:CPNG) fell 4.3% in the postmarket session to $28.61 after gaining 0.8% during the regular session. The 52-week high for the stock is $31.65.