THE INVESTOR

메뉴열기
March 29, 2024

Staff allege Coupang CEO misled them on losses

PUBLISHED : April 24, 2017 - 15:06

UPDATED : May 22, 2017 - 10:14

  • 본문폰트 작게
  • 본문폰트 크게
  • 페이스북
  • sms

[THE INVESTOR] Some employees of e-commerce platform Coupang have accused CEO Kim Bom of misleading them on its finances, The Bell reported on April 24.

The CEO sent an email to employees on April 14 to soothe their growing concerns about the company’s massive operating loss of 500 billion won (US$441 million) last year.

 

Coupang CEO Kim Bom



“Most of the investments remain intact. Our cash flow is quite healthy,” he wrote, urging employees to reduce wastage and continue innovation.

But the report said employees felt he was misleading them.

“We can find out how much money we are losing by just looking at the balance sheet,” an employee was quoted as saying. “The CEO is misleading us.”

According to its earnings report last week, Coupang’s overall losses so far could exceed 1.26 trillion won, almost equal to the US$1 billion funding it attracted from Japan’s SoftBank in June 2015.

The company also got funding of US$100 million and US$300 million, from Sequoia Capital and Black Rock in 2014, respectively.

About 490 billion won, one-third of the total funds secured, is estimated to remain now.

Despite the soaring losses, the company said it would continue to spend on enhancing its delivery service, called Rocket Delivery.

Last year, the company’s revenue jumped 67.6 percent to 1.9 trillion won.

By Song Seung-hyun (ssh@heraldcorp.com)

  • 페이스북
  • sms
최상단으로
COPYRIGHT HERALD CORPORATION. ALL RIGHTS RESERVED.