Why Coupang Stock Is Soaring Today

Coupang Inc CPNG shares are trading higher Thursday after the company reported better-than-expected earnings results.

Coupang said third-quarter revenue increased 10% year-over-year to $5.1 billion, which missed average analyst estimates of $5.17 billion, according to Benzinga Pro. The company reported quarterly earnings of 5 cents per share, which beat estimates for a loss of 3 cents per share.

"Our continued progress is a reflection of billions of dollars invested over the past seven years to build an unrivaled network that integrates technology, fulfillment and last-mile logistics," said Bom Kim, founder and CEO of Coupang.

"We will continue investing in process optimization and automation, including machine learning and robotics, to deliver even richer experiences and lower prices for our customers."

Coupang is an Asia-based e-commerce company that sells apparel, electronics, footwear, food products, furniture, nutritional supplements and other products on its e-commerce platform.

See Also: Amazon-Backed Rivian Stock Is Ripping Higher Today: What's Going On?

CPNG Price Action: Coupang has a 52-week high of $29.65 and a 52-week low of $8.98.

The stock was up 21% at $19.72 at time of publication.

Photo: courtesy of Coupang.