Why Coupang Soared 25% on Thursday
Shares of Coupang (NYSE: CPNG) jumped 25% on Thursday after it reported its Q1 earnings results. The Amazon-esque e-commerce company in South Korea put up solid growth numbers, outpacing overall e-commerce growth in its home market. As of 12:04 PM ET, the stock is up 23.6% on the day and was up as much as 37.5% at one point during trading hours.
After the market closed on May 11, Coupang released its Q1 earnings results. Revenue grew 22% year over year (YOY) to $5.1 billion, or 32% on a constant currency basis (the Korean won is getting devalued versus the dollar right now). According to management, this means that Coupang is growing at multiples of the overall e-commerce market in South Korea, meaning it is taking market share from its competitors.
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Source Fool.com
