Coupang's mounting losses threaten growth model amid regulatory pressure

Coupang Inc., the U.S.-based operator of Korea's largest e-commerce platform, accumulated 1.83 trillion won ($1.28 billion) in operating losses in the first nine months of this year, as a data breach and regulatory pressure weigh on profitability. According to results released Wednesday, Coupang posted an operating loss of 642.3 billion won in the third quarter, following losses of 835 billion won in the second quarter and 354.5 billion won in the first quarter. The third-quarter loss included 354 billion won in expenses related to a July fire at its Incheon fulfillment center. The company also continued to bear costs from customer compensation following last year's data breach. A 624.7 billion won Fair Trade Commission (FTC) fine weighed on second-quarter earnings. The accumulated losses have nearly erased the 1.9 trillion won in operating profits Coupang generated between 2023 and 2025. Despite the losses, third-quarter revenue reached a record 14.22 trillion won, while active customers increased 2 percent year-on-year to 25.2 million. Adjusted earnings before interest, taxes, deprecia