Coupang, Inc. (CPNG) experienced a pre-market plunge of 5.39% on Wednesday, extending significant losses from the prior after-hours session. The sharp decline follows the release of the company's first-quarter 2026 financial results, which fell short of Wall Street expectations on both revenue and profitability.

The South Korean e-commerce giant reported a Q1 adjusted loss per share of $0.15, missing the consensus estimate of a $0.10 loss. Revenue came in at $8.504 billion, below analysts' forecast of $8.637 billion. The company swung to a net loss attributable to shareholders of $266 million, a stark reversal from a profit in the year-ago quarter. Adjusted EBITDA plummeted 92% year-over-year to $29 million.

The earnings disappointment is largely attributed to the severe fallout from a major data breach disclosed late last year. The incident, which affected millions of user accounts, led to significant compensation costs in the form of shopping credits, directly impacting sales and profits. Concurrently, growth in the core Product Commerce segment slowed markedly, and the company faces increased regulatory scrutiny, including a recent reclassification of its CEO as the company's actual controller by Korean authorities. These factors combined to deliver Coupang's largest quarterly loss in over four years and prompted management to warn of slowing full-year revenue growth.