Coupang Inc. reported a sharp surge in first-quarter 2025 operating profit, with the South Korean e-commerce company, which is listed on the New York Stock Exchange, saying on Wednesday that its operating profit reached $154 million for the quarter.

Revenue stood at $7.91 billion, slightly below the previous quarter’s $7.97 billion. However, in Korean won, quarterly revenue hit a record high, rising 21 percent year-on-year due to a favorable exchange rate. Operating profit, when converted into won, was up 340 percent from a year earlier.

Net profit came to $114 million, swinging from a loss of 31.8 billion won a year earlier. The operating margin improved to 2.0 percent from 0.6 percent, and earnings per share stood at $0.06.

“Our strong growth and margin gains reflect years of investment in cost-efficient customer experience,” Coupang Chairman Bom Kim said, noting that the addition of brands like Kiehl’s, Dolce & Gabbana, Swarovski, and Converse drove a more than 25 percent increase in customers purchasing across nine or more categories.

Active customers in Coupang’s Product Commerce segment, which includes its overnight delivery and fresh grocery services, rose 9 percent year-on-year to 23.4 million. Sales in this segment reached $6.87 billion, up 16 percent, with revenue per active customer increasing 6 percent to $294.

Revenue from growth businesses, including Farfetch and overnight Rocket Delivery in Taiwan, hit $1.04 billion, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) losses narrowing slightly. Coupang completed its acquisition of luxury e-commerce platform Farfetch in early 2024. In Taiwan, it launched a membership program in March 2025 and began recruiting Coupang Friends, or direct delivery personnel, a month later to scale operations.

Coupang said investments in growth businesses are laying the foundation for long-term profitability, highlighting progress in Taiwan where it has formed direct ties with global and local suppliers. Product offerings there expanded nearly 500 percent this quarter, with Kim noting an increase in repeat visits and spending by Taiwanese customers.

On Farfetch, Kim said the business is being realigned for its next phase, which aims to deliver top luxury products and experiences globally.

Separately, Coupang Inc. announced that its board approved a share repurchase program of up to $1 billion in Class A common stock - its largest since listing in March 2021 and nearly six times the $178 million buyback in April 2024, when it repurchased around 10 million shares from Maverick Holdings at $17.79 per share.

Coupang shares have traded between $18.16 and $26.91 over the past 52 weeks, closing at $24.00 on Tuesday local time.

Chief Financial Officer Gaurav Anand said the buyback is a tool to deliver meaningful returns under current market conditions, adding that the company has seen minimal impact from recent U.S. tariffs or global events on its core customer base.

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