The online retailer earned an operating income of $312 million, almost double the estimate of $168 million after booking an insurance gain in connection with a fire that damaged one of its fulfillment centers in 2021. Net revenue rose 21% in the December quarter, slightly shy of the average analyst projection, on a 10% rise in active customers in the product commerce segment, according to a company statement. 

Coupang’s stock price gained as much as 6.1% in after-hours trading in New York. Its shares are up 10% for the year.

Founded in 2010, Seattle-based Coupang has invested heavily to popularize overnight delivery in South Korea with initial backing from SoftBank Group Corp. It’s since made forays into food deliveries and streaming services, as well as acquiring London-based online luxury company Farfetch in January of last year. Net revenue from the developing offerings segment, which includes such new business ventures, jumped almost 300%. Excluding Farfetch, the growth was 124%.

Coupang is betting that entering new arenas will help it withstand an increasingly competitive landscape in a country that’s grappling with high household debt. Chinese peers such as Alibaba Group Holding Ltd.’s AliExpress and PDD Holdings Inc.’s Temu are expanding into South Korea, with Alibaba agreeing to team up with E-Mart Inc.’s e-commerce platform to better keep up in the country’s fast-paced retail market.

“Developing offerings are really a collection of investments,” chief executive officer Bom Kim said during a post-earnings call. “Many of these initiatives are gaining solid momentum and already contributing to our long-term strategy.”

Quarterly net income at Coupang tumbled 85%, although most of that decline was related to a one-time tax accounting gain last year. For the full calendar year, Coupang posted its second straight annual net income on a 24% rise in net revenue.