Coupang Inc (NYSE:CPNG) stock surges 24.22% (As on November 10, 11:03:33 AM UTC-4, Source: Google Finance) after the company posted mixed results for the third quarter of FY 22. The company achieved a major milestone in the third quarter, hitting record net income of $91 million. Adjusted EBITDA was a record $195 million or 3.8% of total net revenue, a QoQ improvement of $129 million. Total gross profit was $1.2 billion, an increase of 64% YoY, and gross profit margin was 24.2%, an improvement of nearly 800 bps YoY. Product Commerce net revenues was $4.9 billion, up 10% YoY on a reported basis, or 28% on an FX-neutral basis, nearly four times the growth rate of the Korean product e-commerce segment. Product Commerce adjusted EBITDA margin marked a record 4.8%, which represents a QoQ improvement of 280 bps. Developing Offerings recorded an adjusted EBITDA loss of $44 million. The company 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. The company will continue investing in process optimization and automation, including machine learning and robotics, to deliver even richer experiences and lower prices for the customers

In addition to better service and low prices, we’ll continue to expand both first-party and third-party selection for our customers. That includes new selection on Rocket enabled by Fulfillment & Logistics by Coupang, or FLC. FLC provides hundreds of thousands of merchants access to the speed, efficiency and convenience of Rocket delivery and returns

CPNG in the third quarter of FY 22 has reported the adjusted earnings per share of 5 cents, beating the analysts’ estimates for the adjusted earnings per share of 3 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 10 percent to $5.1 billion in the third quarter of FY 22, missing the analysts’ estimates for revenue by 1.01%. This was driven by an increase in both active customers and revenue per active customer.

The company had provided guidance for 2022 that it expected to achieve Adjusted EBITDA of -$400 million for the total company for the full year, and that the Product Commerce segment would be profitable by Q4 of this year. As of Q3, the Adjusted EBITDA YTD for the entire business is over $170 million.