China’s JD.com posts slowest revenue growth but beats estimates
Revenue of the company rose 18% at 239.7 billion Chinese yuan
• Revenue of the company rose 18% at 239.7 billion Chinese yuan
Chinese e-commerce giant JD.com Inc (NASDAQ: JD) beat revenue estimates for the first quarter as people shopped online amid Covid-19 lockdowns in the country.
Revenue of the company rose 18 per cent—the slowest revenue growth since it went public—at 239.7 billion Chinese yuan, or $37.8 billion, beating expectations of 236.6 billion yuan.
Shares of the company were trading 8% higher.
The company posted net loss attributable to ordinary shareholders of 2.99 billion yuan, missing expectations of 655.7 million yuan profit and compared with a profit of 3.62 billion yuan a year earlier.
With Covid-19 lockdowns in China, companies are facing several challenges, especially as Shanghai—the financial hub—is under strict lockdown.
Revenue of the retail segment of the company, which is the largest unit by revenue, rose 17% at 217.5 billion yuan in the quarter. The logistics business posted 22% revenue growth at 27.3 billion yuan.
Picture Credits: Reuters
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