Coupang announced its Q4 2024 results on the 26th (Korean time). In this fourth quarter, Coupang maintained double-digit revenue growth despite consumer spending slowdown, while also significantly improving profitability metrics.
Coupang's Q4 2024 revenue was $7.965 billion (approximately 11.4 trillion won), up 21% year-over-year. Excluding Farfetch's contribution, this represents a 14% increase year-over-year. Notably, Coupang emphasized that revenue growth was significantly reduced due to the weak dollar-won exchange rate this quarter. On a constant currency basis, Coupang's Q4 2024 revenue grew 28% (21% excluding Farfetch's contribution).
Coupang also recorded impressive results in terms of profitability. Q4 2024 operating profit was $312 million, up 140% year-over-year. Gross profit increased 48% year-over-year to $2.5 billion, and gross profit margin reached 31.3%, up 5.7% year-over-year, setting a quarterly record. Excluding Farfetch's results and insurance payments from the 2021 Deokpyeong logistics center fire, gross profit was $2.2 billion (29% growth year-over-year), with a gross profit margin of 29% (improved 3.3% year-over-year).
Revenue for Coupang's Product Commerce segment, which includes its core commerce business, reached $6.883 billion in Q4 2024, up 9% year-over-year, or 16% on a constant currency basis. The Product Commerce segment's adjusted EBITDA profit was $539 million, up 21% year-over-year, with a gross profit margin of 32.7% (31% excluding insurance benefits).
Coupang did not specifically disclose its "GMV" (Gross Merchandise Value) performance this quarter. However, based on external data, we can estimate Coupang's GMV growth rate. According to WiseApp, Coupang's estimated payment amount for 2024 was 55.0861 trillion won, up 24% year-over-year.