Why Coupang Stock Jumped Today
Shares of leading South Korean e-commerce retailer Coupang (NYSE: CPNG) have risen by 7% as of 4 p.m. EDT on Thursday, according to data provided by S&P Global Market Intelligence.
Growing its active customers, sales, and gross profits by 12%, 25%, and 41% during the second quarter of 2024, Coupang continued its lengthy run of above-average growth and steady margin improvements. While the market initially reacted negatively to the company's results as it slightly missed analysts' sales expectations, Coupang shares have risen over 10% across the last two days.
Making Coupang's revenue growth of 25% even more impressive is that it would have been 32% if not for an accounting change made by management last year. While the company may not be a "hypergrowth" stock like it once was, this 32% growth is rather promising, especially considering it only has $27 billion in sales versus a South Korean retail market worth $560 billion.
Source Fool.com
