RTTNews | Aug 12, 2021 11:08AM EDT

11:07 Thursday, August 12, 2021 (RTTNews.com) - South Korean e-retail company Coupang, Inc. (CPNG) is trading 7% lower in the morning session on Thursday. The company reported a wider loss in the second quarter.

The net loss for the company increased to $518.60 million or $0.30 loss per share from $159.91 million or $5.81 loss per share in the previous year. On an adjusted basis, the net loss is $223.10 million. Four analysts polled by Thomson Reuters expected the loss to be $0.14 per share.

The company reported a revenue of $4.47 billion in the second quarter, improved from $2.42 billion last year. The rise in revenue was largely neutralised by a $295.50 million loss in a fire accident. The Street projection for the revenue was $4.47 billion.

The shares dropped to the lowest since mid-April after the announcement of the results.

The shares are trading at $34.74, down $2.46 or 6.60% since their previous close at $37.20 on Tuesday. The shares opened at $34.25 in the morning and in the 52-week period, the shares have ranged between $30.65 and $69.00.

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