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Coupang, Inc.: Taiwan Hyper-Growth and WOW Recovery—Two Powerful Engines Taking Shape!

Coupang, Inc.’s latest results present a mixed picture of a business recovering from a temporary customer disruption while continuing to absorb meaningful profitability pressure. Revenue growth remained positive, with consolidated net revenue rising 8% to $8.5 billion, but the quality of the result was affected by the aftereffects of the prior data incident, customer vouchers, underutilized network capacity, and increased investment in newer growth areas. Product Commerce revenue grew 4% as reported and 5% on a constant currency basis to $7.2 billion, showing that the core business is still expanding, but at a slower pace than its historical trajectory. Management indicated that January marked the weakest point for Product Commerce growth, with sequential improvement through February and March, suggesting that customer behavior has been stabilizing rather than deteriorating further. The most important positive signal is the recovery in WOW membership and customer engagement. Coupang, Inc.