JD’s disappointing showing comes a day after top shareholder Tencent Holdings Ltd. reported its first profit drop in 13 years, souring sentiment on Chinese tech companies
JD.com Inc. posted a blowout loss due to increased spending and said investments in technology and logistics could affect profit forecasts for the rest of the year amid rising competition in China’s e-commerce market.
The net loss from continuing operations surged to 2.2 billion yuan ($319 million) in the quarter that ended in June, about 8 times larger than analysts expected. The Beijing-based company expects sales in the current quarter of between 104.5 billion yuan and 109 billion yuan, with the top of the range slightly below estimates.