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Reuters

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.
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.
E-commerce giants Alibaba and JD.com by far the dominant retailers in Asia-Pacific, Euromonitor study finds
Revenue from the firm’s products business, which includes online retail sales, rose about 21 per cent to 133.5 billion yuan.
JD.com’s shares rose to US$28.49 in pre-market trading on the Nasdaq Stock Market.
For the third quarter, JD.com expects revenue of between 126 billion yuan and 130 billion yuan, the midpoint of which was above analysts’ estimates of 126.21 billion yuan.
The online retailer’s upbeat results provided a bright spot in China’s e-commerce industry and wider technology sector, which is slowing down after years of growth.
Companies like JD.com and bigger rival Alibaba Group Holding are seeking to diversify beyond online shopping to deal with that slowdown. New York-listed Alibaba is the parent company of the South China Morning Post.
JD.com adopts AI to drive growth in smaller cities and among female users amid wider e-commerce slowdown
JD.com has entered new businesses, such as convenience stores and supermarkets. It is also investing in artificial intelligence to improve its logistics and advertising capabilities.
“We will remain focused on leveraging technology and innovation to enhance our offerings, increase efficiency and drive shareholder value for the long term,” said Liu, who founded JD.com in 1998.
The company had more than 220,000 merchants on its online marketplace, and more than 179,000 full-time employees as of June 30. In the same period, the company operated about 600 warehouses across the mainland, with an aggregate gross floor area of more than 15 million square metres.
For more insights into China technology, be part of our Inside China Tech group on Facebook. Listen to our Inside China Tech podcast and subscribe via iTunes, Spotify or Stitcher. For a comprehensive survey of China’s digital landscape, download the 2019 China Internet Report.


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JD.com beats estimates with strong second-quarter sales, rebounding from loss a year ago

Chinese e-commerce giant JD.com, which operates about 600 warehouses across the country, says its annual June 18th anniversary sales on the mainland helped lift the company’s revenue in the second quarter of this year. Photo: Xinhua

E-commerce giants Alibaba and JD.com by far the dominant retailers in Asia-Pacific, Euromonitor study finds

Alibaba was the top retailer in Asia-Pacific last year with sales of US$243.5 billion. Photo: Getty Images/AFP

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Pedestrians walk past the Watson's store in Tsim Sha Tsui. 17OCT14

JD.com adopts AI to drive growth in smaller cities and among female users amid wider e-commerce slowdown

Workers at a distribution centre for Chinese e-commerce giant JD.com in Gu'an, Hebei province. Photo: Xinhua

An employee works at a JD.com logistics centre in Langfang, Hebei province. Photo: Reuters

Chinese consumers buy more domestic brands in midyear 618 shopping festival as trade war rages on

Sales of domestic brands online are on the way up in China. Photo: Shutterstock

Workers at a JD.com distribution centre process goods set for delivery during the 618 shopping festival. Photo: Xinhua

China’s e-commerce players look to smaller cities to help drive consumption, growth

Employees work at a distribution centre of a delivery company in eastern China's Jiangsu province. The country’s major e-commerce companies are sharpening their focus on consumers in smaller cities to help boost consumption amid slowing growth. Photo: Xinhua

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The online retailer’s upbeat results provided a bright spot amid the slowdown in China’s wider technology sector



The online retailer’s upbeat results provided a bright spot in China’s e-commerce industry and wider technology sector, which is slowing down after years of growth.
