RTTNews | Nov 12, 2021 06:59AM EST

06:59 Friday, November 12, 2021 (RTTNews.com) - South Korean e-commerce platform, Coupang, Inc. (CPNG) on Friday reported net loss of $323.98 million or $0.19 per share in the third quarter compared with net loss of $172.99 million or $5.91 per share in the same quarter a year ago.

The company's share count increased to nearly 1.75 billion at the end of the latest quarter compared with about 29 million last year, leading to narrower loss per share.

On average, four analysts polled by Thomson Reuters expected the company to report loss of $0.17 per share. Analysts' estimates typically exclude special items.

Coupang said it invested about $95 million in incremental labor and operational costs primarily related to the increase in COVID-19 cases and heightened restrictions in Korea during Q3.

Revenue for the quarter increased 48% to $4.645 billion from $3.137 billion last year, driven by growth in advertising revenue.

The company said its active customers grew at least 20% year-over-year for the 15th straight quarter.

Coupang shares are down more than 4% in pre-market at $27.99. Thursday, the stock closed at $29.19, down $0.67 or 2.24%.

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