Coupang shares drop 10% on widening loss

Shares of Coupang Inc. CPNG, +1.36% were down 10% successful extended trading Wednesday aft the e-commerce institution reported fiscal second-quarter results. Coupang reported a nett nonaccomplishment of $518.6 million, oregon 30 cents a share, compared with a nett nonaccomplishment of $102 million, oregon $5.81 a share, successful the year-ago quarter. A occurrence that damaged 1 of the company's fulfillment centers successful South Korea resulted successful inventory and instrumentality losses of astir $300 million, according to Coupang. Revenue jumped 71% to $4.48 cardinal from $2.6 cardinal a twelvemonth ago. Analysts surveyed by FactSet had expected a nett nonaccomplishment of 15 cents a stock connected gross of $4.45 billion. Coupang shares are down 24% truthful acold successful 2021, portion the broader S&P 500 scale SPX, +0.25% is up 18% this year.