Coupang Inc posts W835b operating loss in Q2 amid data-breach fine

Coupang Inc posted an operating loss of more than 800 billion won ($559 million) in the second quarter, as a heavy fine tied to a personal data breach weighed on its results.

According to a second-quarter consolidated earnings report Coupang Inc — the US-listed parent of Coupang — filed with the Securities and Exchange Commission on Wednesday, second-quarter sales reached $8.86 billion, up 4 percent from the same period a year earlier.

Converted at the quarter's average won-dollar exchange rate of 1,501.89 won, that figure translates to 13.3 trillion won. On a constant-currency basis, revenue grew 10 percent.

The company swung to an operating loss of $556 million (about 835 billion won) in the quarter, compared with operating profit of $149 million in the same period last year.

The loss extended a streak of red ink into a second consecutive quarter. The operating deficit more than doubled from the first quarter's $242 million.

The sharp deterioration stems largely from a 624.6 billion won fine the Personal Information Protection Commission imposed in June over a personal data leak, which was booked as a second-quarter expense.

The net loss for the period came to $570 million, marking a second straight quarter of net losses and reversing a net profit of $31 million recorded in the second quarter of last year.