China's JD.com beats estimates for quarterly revenue
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JD.COM, beat Wall Street estimates for first-quarter revenue on Thursday (May 11), driven by resilient demand for its e-commerce platform from online shoppers.
US-listed shares of the Beijing-based company rose nearly 4 per cent in trading before the bell.
Even after the strict Covid-19 related curbs were lifted late last year, customer spending on online platforms remains high as the pandemic has largely changed shopping habits, making e-commerce firms such as Alibaba Group and JD a big beneficiary of the shift.
The company also said it has appointed chief financial officer Sandy Ran Xu as its chief executive officer. Ian Su Shan, the current finance chief of JD Logistics, will take over as CFO of the company.
“JD saw strong growth in profitability in the first quarter as we continued to streamline our operations, optimise our product portfolio and expand our service offerings,” said ex-CEO Lei Xu.
Reuters reported in March that JD was planning to spin off its property and industrial units and list them on the Hong Kong stock exchange in deals worth US$1 billion each.
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Revenue for the quarter rose 1.4 per cent to 243 billion yuan (S$46.5 billion), compared with analysts’ average estimate of 239.42 billion yuan, according to Refinitiv data.
Net income attributable to ordinary shareholders was 6.26 billion yuan for the quarter ended Mar 31, from a loss of 2.99 billion yuan a year earlier. REUTERS
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