Coupang Shares Slide After Rising Competition Weighs on Profit

Coupang Inc. slid in late trading after reporting third-quarter profits that fell far short of Wall Street’s projections in the face of heightened competition.

The US-listed company is grappling with the entry of Alibaba Group Holding Ltd.’s AliExpress and PDD Holdings Inc.’s Temu in South Korea, its most important market. In response, Coupang has expanded into new categories such as groceries and beauty products to capture more consumers and shore up its lead.

Korea’s answer to Amazon.com Inc. reported operating profit of $162 million, well below analysts’ estimates for $210.1 million. That’s despite posting a better-than-expected 18% gain ...