In the three months to June, the South Korean e-commerce giant saw losses increase fivefold from the same period last year, The Financial Times reports.

The company recorded $4.48 billion in revenue in the second quarter, compared to $4.2 billion in Q1 and up 71 percent year-on-year. Active customers, or those who made purchases at least once during the period, reached 17 million, up from 16 million in the previous quarter.

Though Coupang has seen demand for its services soar over the pandemic, mounting concerns over tough and unsafe working conditions loom; a deadly fire that destroyed a major logistics centre in June and killed a firefighter resulted in the bulk of its losses over this reporting period.

Founder and CEO Bom Kim remains optimistic in spite of Coupang’s widening losses and pointed to the firm’s 15 quarter streak of revenue growth exceeding 50 percent on a constant currency basis.

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