DataE-Commerce Platform Earnings
General Retail
E-Commerce Platform Earnings
Confirmed revenue and operating profit/loss for six major Korean e-commerce platforms, with notes on why direct comparison is hard given their different business models (inventory-based, open marketplace, ecosystem-driven).
Source — Company IR/disclosures · investor data (Coupang, Naver, Gmarket, SSG.com, 11st, Kurly)
Coupang — 2025 (Coupang Inc. consolidated, USD basis)
Excluded from the comparison chart below because its currency differs from the 5 KRW-denominated companies
$34.5B
Revenue
$498M
Operating Profit
2025 (latest confirmed) Revenue Comparison — 4 KRW-Denominated Companies
Unit: KRW billion · Gmarket's figure is for H1 2025 (not annual), 11st's revenue is undisclosed
Kurly
₩2,367.1B
SSG.com
₩1,347.1B
Gmarket
₩381.8B
| Platform | Period | Revenue | Operating Profit/Loss |
|---|---|---|---|
| Kurly | 2025 | ₩2,367.1B | ₩13.1B |
| SSG.com | 2025 | ₩1,347.1B | -₩117.8B |
| Gmarket | 2025 H1 | ₩381.8B | -₩41.9B |
| 11st | 2025 | N/A | -₩39.6B |
Kurly is the only one in the black — it posted its first full-year operating profit (KRW 13.1B) after its IPO, in 2025.
Coupang
Inventory-based (Coupang Inc., US-listed, consolidated USD basis)
| Period | Revenue | Operating Profit/Loss | Notes |
|---|---|---|---|
| 2018 | $4,054M | — | Coupang Inc. consolidated basis |
| 2019 | $6,273M | — | Coupang Inc. consolidated basis |
| 2020 | $11,967M | — | Coupang Inc. consolidated basis |
| 2021 | $18,406M | $-1493M | First year after IPO, heavy investment drove an operating loss |
| 2022 | $20,583M | $-112M | Loss narrowed sharply |
| 2023 | $24,383M | $473M | First full-year operating profit |
| 2024 | $30,268M | $388M | Revenue topped $30B |
| 2025 | $34,534M | $498M | 2026 Q1 revenue was $8.5B |
Naver Commerce
Platform/ecosystem-driven (linked to search, Pay, and commerce)
| Period | Revenue | Operating Profit/Loss | Notes |
|---|---|---|---|
| 2021 | ₩1,475.1B | N/A | Commerce segment revenue |
| 2025 | ₩3,688.4B | N/A | Commerce segment revenue, 30.6% of company-wide revenue |
| 2026 Q1 | N/A | N/A | Naver company-wide revenue KRW 3,241.1B, Npay payment volume KRW 24.2 trillion (commerce-only revenue not disclosed) |
Gmarket
Open marketplace (formerly eBay Korea, acquired by Emart in 2021)
| Period | Revenue | Operating Profit/Loss | Notes |
|---|---|---|---|
| 2020 | ₩1,300B | ₩85B | eBay Korea revenue/operating profit — just before the Emart acquisition, operating profit positive |
| 2021 | ₩118.4B | ₩4.3B | Reflects only partial results from November onward after joining Emart — not a full-year figure |
| 2022 | ₩1,318.5B | -₩65.5B | First full year after the Emart acquisition, swung to a large loss |
| 2023 | ₩1,196.7B | -₩32.1B | Revenue -9.2%, Q4 swung to a profit, narrowing the full-year loss |
| 2024 | ₩961.2B | -₩67.4B | Revenue -19.7%, loss widened again |
| 2025 H1 | ₩381.8B | -₩41.9B | H1 revenue -24.8% |
| 2026 H1 | N/A | N/A | Amount undisclosed; GMV +14%, sellers 660K (+5%), average order value +12%, purchase conversion +14% — first rebound in 4 years |
SSG.com
Hybrid inventory + marketplace (Shinsegae/Emart affiliate)
| Period | Revenue | Operating Profit/Loss | Notes |
|---|---|---|---|
| 2019 | ₩844.2B | -₩83.3B | First year as a standalone company |
| 2020 | ₩1,284.1B | -₩46.9B | Revenue surged amid COVID-19 |
| 2021 | ₩1,418.5B | -₩107.6B | Loss widened |
| 2022 | ₩1,744.7B | -₩111.2B | Revenue grew but so did the loss |
| 2023 | ₩1,678.4B | -₩103B | Revenue dipped slightly, loss narrowed slightly |
| 2024 | ₩1,575.5B | -₩72.7B | Revenue fell but reported positive EBITDA |
| 2025 | ₩1,347.1B | -₩117.8B | Revenue kept falling, loss widened again — 7th straight year of operating loss |
11st
Open marketplace
| Period | Revenue | Operating Profit/Loss | Notes |
|---|---|---|---|
| 2018 | N/A | -₩67.8B | Early loss as a newly independent company |
| 2019 | N/A | ₩1.4B | Briefly mentioned as swinging to a profit (revenue not confirmed) |
| 2020 | ₩545.6B | -₩9.8B | — |
| 2021 | ₩561.4B | -₩69.4B | — |
| 2022 | ₩789B | -₩151.4B | — |
| 2023 | ₩865.5B | -₩125.8B | Record revenue, loss narrowed |
| 2025 | N/A | -₩39.6B | Company-wide operating loss narrowed 47%, open-marketplace business emphasized as profitable (2024 revenue not confirmed) |
Kurly
Inventory-based (dawn-delivery specialist)
| Period | Revenue | Operating Profit/Loss | Notes |
|---|---|---|---|
| 2018 | ₩157.1B | -₩33.7B | — |
| 2019 | ₩428.9B | -₩98.6B | — |
| 2020 | ₩950.9B | -₩113.4B | — |
| 2021 | ₩1,558B | -₩213.9B | Peak loss |
| 2023 | ₩2,077.4B | -₩143.6B | 2022 figure not confirmed |
| 2024 | ₩2,195.6B | -₩18.3B | Reported positive adjusted EBITDA, operating loss narrowed sharply |
| 2025 | ₩2,367.1B | ₩13.1B | First full-year operating profit since IPO |
| 2026 Q1 | ₩745.7B | ₩24.2B | Revenue +28.4%, operating profit +1,277% (highest quarterly figure in company history, 1.9x the prior full year's operating profit) — net income swung to a KRW 20.3B profit. GMV KRW 1,089.1B (+29%, all-time high) · Food +27.8%, beauty +20.2% |
| 2026 Q2 | ₩734.8B | ₩27.4B | Revenue +27%, operating profit +1,991% (record quarterly high) — 6th straight quarter of operating profit. Net income swung to a KRW 25.4B profit (2nd straight quarter). GMV KRW 1,078.6B (+25.1%), gross margin 35.3% (+1.5pp) · 3P (marketplace) GMV grew +32.1%, faster than Market Kurly (+25.7%) or Beauty Kurly (+13.5%) · Cash and equivalents KRW 372.9B (+73%, all-time high) |
Data notes — please read
- Revenue means different things under different business models. Coupang and Kurly are inventory-based, so the entire sale price is recognized as revenue; Gmarket and 11st are open marketplaces, so only the intermediary commission is recognized as revenue. Comparing GMV (total transaction value) against accounting revenue on the same scale distorts the picture.
- The currencies differ. Coupang reports consolidated USD results as the US-listed Coupang Inc., while the other five companies report in KRW. That's why Coupang is excluded from the comparison chart on this page.
- Consolidated/standalone and half-year/quarterly/annual bases are mixed together. Gmarket's 2025 H1 and 2026 H1 are half-year figures, and Naver Commerce's 2026 Q1 is a quarterly figure, so don't line them up against annual figures. Some years (11st 2024, Kurly 2022, etc.) are left blank because they weren't confirmed in the original sources.
- Gmarket's corporate identity differs before and after Emart's 2021 acquisition (as eBay Korea) — don't read the pre- and post-acquisition results as continuous growth of the same company.
Coupang Fast FactsInvesting.com — Coupang income statementNAVER IR earnings archiveKurly official IR — financial information11st press releaseKPI News — Gmarket performance before/after acquisitioniNews24 — Gmarket 2026 H1 metricsKurly 2026 Q2 earnings — BusinesspostKurly 2026 Q1 earnings — Financial TodayKurly 2026 Q2 earnings (3P growth, net income) — IT Daily