Coupang (NYSE:CPNG) stock is on the rise Wednesday following the release of the e-commerce company’s earnings report for the fourth quarter of 2023.
The good news for investors in CPNG stock starts with its adjusted earnings per share of 8 cents. That beats out Wall Street’s adjusted EPS estimate of 6 cents for the quarter. It’s also an improvement over the 3 cents per share from the same period of the year prior.
Another boon for CPNG stock is the company’s revenue of $6.56 billion. This also comes in above analysts’ estimate of $6.41 billion for the quarter. That also represents a 23% increase year-over-year from %5.33 billion.
Bom Kim, founder and CEO of Coupang, said the following in the earnings report:
“Our accelerating growth in revenues, active customers, and WOW members reflect our unrelenting focus on creating ‘wow’ for our customers across selection, price, and service. We’re committed to investing in even more savings and benefits for customers to make our WOW membership program indisputably the best deal on the planet.”
CPNG Stock Movement on Wednesday
With this latest earnings beat comes increased trading activity for CPNG stock on Wednesday. That has more than 9.2 million shares of the stock changing hands as of this writing. This is quickly closing in on the company’s daily average trading volume of about 10 million shares.
CPNG stock is up 3.7% as of Wednesday morning. The stock is also up 11.4% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
