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Chinese e-commerce platform JD.com Inc’s first-quarter revenue beat Wall Street estimates on Wednesday, aided by an expanded product line-up that helped lure in more users.
During the quarter, popular brands like Starbucks and sports-retailer Decathlon, along with luxury fashion brands, launched flagship stores on JD.com’s website, which has seen strong demand during the pandemic.
The Beijing-based company also reaped the benefits of having its own in-house delivery network that helped gain footing in lower-tier cities.
Net revenue at JD.com, China’s largest e-commerce company by revenue, rose to 203.2 billion yuan ($31.57 billion) in the quarter ended March 31 from 146.2 billion yuan a year earlier. Analysts on average had expected revenue of 191.83 billion yuan, according to IBES data from Refinitiv.
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Net income attributable to ordinary shareholders rose to 3.6 billion yuan from 1.1 billion yuan a year earlier.
By Eva Mathews; Editor: Maju Samuel
