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E-commerce giant JD.com beats first-quarter revenue estimates as Covid-19 boom persists

  • The Beijing-based online retail services provider’s first-quarter revenue totalled US$31.57 billion, up 39 per cent from a year ago
  • The company benefited from new partnerships with a wide spectrum of luxury brands in the same period

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E-commerce giant JD.com saw a number of popular brands establish online stores on its platform in the first quarter, which helped entice more shoppers. Photo: Reuters

JD.com’s first-quarter revenue beat Wall Street estimates on Wednesday, as growth remained robust in China’s vast e-commerce sector following the Covid-19 pandemic.

The Beijing-based company has joined rivals Pinduoduo and Alibaba Group Holding in racking up double-digit sales growth during the pandemic, as people flocked to online retail websites to shop for everything from groceries to luxury goods. Alibaba is the parent company of the South China Morning Post.

Net revenue at JD.com rose 39 per cent to 203.2 billion yuan (US$31.57 billion) in the quarter ended March 31, topping analysts’ average estimate of 191.83 billion yuan, according to IBES data from Refinitiv.

Revenue by product segment, which includes online retail sales, rose nearly 35 per cent to 175.28 billion yuan in the quarter.

The firm’s net income rose to 3.6 billion yuan, up from 1.1 billion yuan a year earlier.

Workers sort out packages for delivery at JD.com’s Yizhuang Smart Delivery Station in Beijing. Photo: SCMP
Workers sort out packages for delivery at JD.com’s Yizhuang Smart Delivery Station in Beijing. Photo: SCMP
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