New Street Research - Coupang (CPNG) CPNG 1Q23 Results: Acct Change To Impact Top Line Growth

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New Street Research

Jin Yoon

CPNG 1Q23 Results: Acct Change To Impact Top Line Growth

What's new: Coupang’s reported 1Q23 results were above consensus and our expectations as the company continues to outgrow the retail market through better customer value propositions such as Rocket Wow. Top-line growth could be impacted in the next few quarters partly due to accounting changes related to FLC revenues from a gross to net basis. We maintain our PT at USD 25.

Analysts:
Jin Yoon

10/05/2023 1 EN

Underlying

Coupang

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US22266T1097 New York Stock Exchange United States

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Analysts

Jin Yoon

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CPNG 1Q23 Results: Acct Change To Impact Top Line Growth

CPNG 1Q24 Results: Strong Momentum in Eats

Vital Signs: Actionable charts

CPNG 1Q24 Preview: Overall Business Remains Intact

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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