Coupang (NYSE:CPNG) stock is on the rise Friday following reports that the e-commerce company is preparing to increase the price of its membership fees.
According to these reports, Coupang will increase its monthly membership fee from 4,990 won to 7,890 won. That represents a 58% increase in membership fees for the South Korean e-commerce company.
This higher membership fee is for those subscribed to its Wow plan. The company is intending to expand exclusive benefits for members of this plan. The price hike goes into effect on Saturday for new subscribers while current ones will see the increased price start in August.
A Coupang official told The Korea Times that customers will still save even with the increased membership fee:
“It is estimated that Wow members who routinely use all five services, including free shipping, returns, direct purchases, OTT and food delivery, can save an average of 970,000 won per year compared to non-members.”
CPNG Stock Movement on Friday
Today’s news brings with it heavy trading of CPNG stock. That has more than 27 million shares changing hands as of this writing. That’s more than double the company’s daily average trading volume of about 13.3 million shares.
CPNG stock is up 11.4% as of Friday morning.
Investors will find more of the most recent stock market stories ready to go below!
We have all of the hottest stock market news for Friday! Among that is what has stocks down today and more news affecting companies ahead of the weekend. You can check out all of these topics at the following links!
More Friday Stock Market News
- Why Are Stocks Down Today?
- Citi Just Slashed Its Price Target on Tesla (TSLA) Stock
- INTC Stock Alert: Intel Faces a China-Sized Blow
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.
