Alibaba and Temu Threaten South Korea’s Coupang E-Commerce Crown

SEOUL — Leading South Korean online retailer Coupang is investing aggressively in response to fierce competition from both domestic and new Chinese rivals, even as rising costs push the company into losses.

Coupang’s revenue rose 23% year-over-year to $7.1 billion in the January-March quarter. However, the company posted a net loss of $24 million, its first in seven quarters, compared with a profit of $91 million a year earlier.