News Summary
NegativeCoupang reported a significant Q2 2026 earnings miss with a $556M operating loss (vs. profit YoY), driven by a $410M Korean regulatory fine, a $246M logistics center fire, and underlying operational challenges that caused the stock to fall 7% on the day and 23.5% over 90 days. Management expects margin compression to persist through Q3 due to capacity overhang from prior demand disruption, with recovery not anticipated until Q2 2027.
Red flags
- •EPS missed estimates by $0.02 (reported -$0.09 vs. -$0.07 consensus)
- •Operating margin swung from profitable YoY to -$556M loss
- •Gross margin contracted 188 bps YoY to 28.2%
- •$410M administrative fine from Korean regulators (under judicial appeal)
- •$246M asset/inventory loss from Incheon warehouse fire in July
- •Even excluding the regulatory fine, operating results fell $295M short YoY
- •Stock down 48.8% on 1-year total return and 23.5% on 90-day basis
- •Price target lowered to $24 from $27 by BofA; wide analyst divergence ($12-$36 range)
- •Revenue growth miss despite 10% constant currency growth cited
- •Management guidance indicates continued margin pressure through Q3 with recovery delayed to Q2 2027
Funds Reducing / Exiting (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Durable Capital Partners | Henry Ellenbogen | 3.9M | -8,984,913 | $67M | 2.5% | -70% | Existing |
| Soros Fund Management | Soros Family Office | 26K | -46,922 | $0M | <0.1% | -64% | Existing |
| Dragoneer | Marc Stad | 0 | −27.9M | — | 17.5% | -100% | EXITED |
Shares Held reflects quarter-end positions for partial reductions. Funds that fully exited show 0 shares held. ∆ Shares is the change from the prior quarter. % of Fund is the prior-quarter position size — how much of the book was sold down.
Signal History
Same issuer appearing in consecutive quarters — persistent institutional conviction. Returns are frozen at each archived quarter's last refresh.
Insider Activity
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| BAILLIE GIFFORD & CO | SC 13G/A | 78.7M | 4.8% | 2026-08-04 | ↗ |
| BAILLIE GIFFORD & CO | SC 13G/A | 120.7M | 7.2% | 2026-05-06 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.