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JD.com beats estimates with strong second-quarter sales, rebounding from loss a year ago
- The online retailer’s upbeat results provided a bright spot amid the slowdown in China’s wider technology sector
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Chinese e-commerce giant JD.com on Tuesday reported better-than-expected second-quarter revenue, boosted by stronger sales in its online retail business, sending its shares 5 per cent higher in pre-market trading.
The Beijing-based company’s revenue rose 23 per cent year on year to 150.3 billion yuan (US$21.3 billion) in the quarter ended June 30. That was ahead of analysts’ forecast revenue of 147.49 billion yuan, according to IBES data from Refinitiv.
Net income reached 618.8 million yuan, rebounding from a net loss of 2.2 billion yuan a year earlier.
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The strong quarterly performance was “highlighted” by JD.com’s successful annual anniversary sales event on June 18, according to company chairman and chief executive Richard Liu Qiangdong in a statement on Tuesday.
Revenue from the firm’s products business, which includes online retail sales, rose about 21 per cent to 133.5 billion yuan.
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JD.com’s shares rose to US$28.49 in pre-market trading on the Nasdaq Stock Market.
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