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South Korea's Coupang operating loss shrinks by a third in 2019 as e-commerce surges

Coupang Corp, one of South Korea's biggest e-commerce firms, said on Tuesday its operating loss shrank by a third last year, helped by a 64% climb in revenue as it expanded its customer base and online demand for home appliances and groceries surged.

The SoftBank-backed company has seen sales jump even more this year as demand spikes amid the coronavirus pandemic.

Its operating loss for 2019 came in at 721 billion won ($593 million), compared with a loss of 1.1 trillion won in the previous year, it said in a regulatory filing.

Revenue climbed to 7.2 trillion won, the second year in a row it has seen a jump of more than 60%.

The stronger performance is a relatively bright note among SoftBank Group Corp investments. The Japanese investment giant said this week it expects its $100 billion Vision Fund to book a loss of 1.8 trillion yen due to the worsening performance of its tech bets.


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