Chinese e-commerce firm JD.com quarterly revenue rises 31 per cent on online retail strength
- JD.com’s fourth-quarter revenue reached US$34.4 billion, beating analysts’ estimates
- The e-commerce company’s annual active customer accounts totalled 471.9 million last year, up from 362 million in 2019
Chinese e-commerce company JD.com reported a 31 per cent jump in fourth-quarter revenue on Thursday, as more shoppers flocked to its platform on the back of a broader shift to online shopping triggered by the Covid-19 pandemic.
While China has largely emerged from coronavirus lockdowns with most businesses resuming production, JD.com’s domestic consumers continue to shop online for everything from daily groceries to luxury products.
The Beijing-based company’s revenue rose to 224.3 billion yuan (US$34.4 billion) in the quarter ended December 31, beating analysts’ estimate of 219.7 billion yuan, according to IBES data from Refinitiv.
Net income rose to 24.3 billion yuan from 3.6 billion yuan a year earlier.
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“During this quarter, JD.com continued its strategic transformation into a supply chain-based technology and service company with increasingly diversified sources of revenue,” company chairman and chief executive Richard Liu Qiangdong said in a statement on Thursday. “With a strong momentum going into 2021 and with our recently optimised organisational structure, JD.com will continue to invest in innovative, high-potential businesses to drive long-term sustainable growth.”
The company’s annual active customer accounts increased 30.3 per cent to 471.9 million last year, up from 362 million in 2019.