Coupang (NYSE:CPNG) stock is rising higher on Thursday thanks to the company’s third-quarter earnings report.
The big news that has investors excited today is the company’s earnings per share of 5 cents. That’s a surprise profit compared to the -3 cents per share Wall Street had expected. It’s also a positive switch from the -19 cents reported in the same period of the year prior.
To go along with that, Coupang reported a net income of $90.68 million. That’s much better than the company’s net loss of $323.98 million reported in Q3 2021.
Coupang CFO Gaurav Anand said the following about the company’s profits:
“Much of the recent improvement has been the result of investments in technology, infrastructure, supply chain optimization, and process innovation. We are proud of our teams and the operational excellence that they continue to demonstrate while creating new moments of wow for our customers.”
Revenue Didn’t Go as Expected in Q3
For the period, Coupang’s revenue of $5.1 billion missed analysts’ estimate of $5.21 billion for the quarter. Even so, revenue still represented 10% year-over-year (YOY) growth compared to $4.64 billion in Q3 2021.
Investors are reacting well to today’s earnings news, with shares of CPNG stock up 15% as of Thursday morning. However, shares are still down 34.9% since the start of the year.
Investors looking for more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market coverage for Thursday! That includes the biggest pre-market stock movers from this morning, the latest on MicroStrategy (NASDAQ:MSTR) and what election results mean for the stock market. You can catch up on all of that news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
