SEATTLE – Coupang, Inc. (NYSE:CPNG) reported second-quarter results that beat analyst estimates, but revenue fell low of expectations, sending the stock down 3% in after-market trading.

The South Korean e-commerce giant reported adjusted earnings per share of $0.07, beating analysts’ consensus of -$0.01. However, revenue for the quarter came in at $7.32 billion, missing estimates of $7.4 billion. Despite the lack of revenue, Coupang’s top line rose 25% YoY on a reported basis and 30% YoY on a currency-neutral basis.

Coupang’s gross profit rose 41% year-over-year to $2.1 billion, with gross profit margin improving 310 basis points to 29.3%. The company’s Product Commerce segment, which includes its core e-commerce business, saw net revenue grow 13% year-over-year to $6.4 billion. Active customers in the segment grew 12% year-over-year to 21.7 million.

“We continued to see higher levels of engagement from our customers this quarter as we continue to focus on delivering greater choice, service and savings to our customers,” said Gaurav Anand, CFO of Coupang.

The company’s Developing Offerings segment, which includes international operations, Coupang Eats, Play, Fintech and Farfetch (OTC:), saw significant growth, with net revenue increasing 472% year over year to $892 million. However, the segment posted an adjusted EBITDA loss of $200 million.

Coupang’s total adjusted EBITDA for the quarter was $330 million, with a margin of 4.5%, down 60 basis points from the prior year. The company’s cash flow from operating activities for the last twelve months increased $250 million year-over-year to $2.2 billion.

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