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E-commerce firm JD.com beats second-quarter estimates, adds record new users amid regulatory tightening
- Revenue at JD.com rose to US$39.14 billion in the quarter ended June 30, up about 26 per cent from a year earlier
- The company’s annual active customers reached 531.9 million in the second quarter, a 27.4 per cent increase from the same period last year
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JD.com on Monday beat analysts’ estimates for the quarter through June and added a record number of new users as the Chinese e-commerce giant benefited from a post-Covid-19 surge in online shopping.
The results come amid a crackdown on the country’s Big Tech companies by Chinese regulators that has led to an upheaval in sectors such as e-commerce, video gaming, ride-hailing and cryptocurrency.
Net revenue at JD.com rose to 253.8 billion yuan (US$39.14 billion) in the quarter ended June 30, up about 26 per cent from a year earlier. Analysts had expected revenue of 249.27 billion yuan, according to IBES data from Refinitiv.
Net profit fell to 794.3 million yuan, down from 16.4 billion yuan a year earlier.
JD.com’s annual active customer accounts jumped to 531.9 million, a 27.4 per cent increase from the same period last year. In the quarter, JD.com added 32 million new users – a company record – following a strong showing at its annual shopping festival in June.
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Intelligent sorting systems help China's JD.com cope with demand during Covid-19 pandemic
Intelligent sorting systems help China's JD.com cope with demand during Covid-19 pandemic
China’s regulatory tightening in a range of industries has affected JD.com and the rest of the internet industry. In December last year, regulators fined JD.com 500,000 yuan for pricing irregularities.
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