Asia Tech Wire (Aug 7) -- South Korean e-commerce giant Coupang reported its first loss since 2022.

According to its latest financial results, Coupang's net revenues increased 25% to $7.32 billion in the second quarter of 2024, compared to analysts' expectations of $7.34 billion.

For the quarter, Coupang recorded a net loss of $77 million, versus analysts' expectations of a loss of $11.7 million.

Notably, this was the Korean e-commerce giant's first loss since it turned a profit in the third quarter of 2022.

The acquisition of unprofitable Farfetch Holdings Plc. and an administrative fine both offset strong growth in the company's core e-commerce business.

Coupang said it had a second-quarter net income of about $124 million excluding the Farfetch loss and the fine.