Coupang has reported double-digit revenue growth and significant improvement in its bottom line for the first fiscal quarter.

The New York-listed company’s net revenues for the quarter ended March 31 soared 11 per cent to $7.9 billion (up 21 per cent on an FX-neutral basis).

Operating income rose from $40 million in the year-ago period to $154 million, while last year’s net loss of $24 million was replaced by net income of $114 million.

The product commerce segment posted revenues of $6.9 billion, up 6 per cent on a reported basis and 16 per cent on constant currency.

The developing offerings segment (including International, Eats, Play, Fintech and Farfetch) recorded revenues of $1 billion, up 67 per cent on a reported basis and 78 per cent on constant currency.

Operating cash flow for the trailing 12 months was $2 billion, a decrease of $335 million, primarily due to non-recurring working capital benefits in the prior-year period.

The company posted a 24 per cent increase in net revenues last year.