Coupang

The newer side of the business, food delivery, streaming, and Farfetch, grew 20 percent to 1.4 billion dollars this quarter, and 24 percent once you strip out currency swings. Even better, the money it keeps from those sales jumped 32 percent, and its losses actually shrank by 16 million dollars. The bets are getting cheaper to run.

Headline sales rose just 4 percent, but that number is dragged down by a weak Korean won. In real terms, sales grew 10 percent and the core shopping business grew 8 percent. The underlying engine is running much faster than the headline suggests.

Coupang was slapped with roughly 410 million dollars in government fines in Korea tied to a data breach. That turned a small quarterly stumble into a 570 million dollar loss. Fines are one thing, but shaken customer trust after a data incident is harder to win back.

Free cash flow over the past year collapsed 87 percent, from 784 million dollars down to just 105 million dollars. Profit from the core Korean business also fell 42 percent to 382 million dollars. Growth is getting expensive, and the cushion is thinner than it was.