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E-commerce firm JD.com Inc posted an 11.4 percent rise in third-quarter revenue on Friday, beating analysts’ estimates as Covid-19 lockdowns in China led more consumers to shop online.
Chinese retail spending has sagged this year with consumers frustrated by the government’s strict “zero-Covid” policy that has led to frequent snap lockdowns and hurt economic activity.
Lockdowns have seriously disrupted transport, but JD.com’s focus on building its logistics network has helped it deal with the bottlenecks.
The company posted a 5.4 percent rise in revenue last quarter while rival Alibaba saw flat year-on-year growth.
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Revenue grew to 243.5 billion yuan ($34.21 billion) in the three months ended Sept. 30, compared with a Refinitiv consensus estimate from 22 analysts of 242.81 billion yuan.
Net income attributable to ordinary shareholders was 6 billion yuan, compared with a net loss of 2.8 billion yuan a year earlier.
Excluding one-off items, JD.com earned 6.27 yuan per American Depository Share. (
By Eva Mathews and Sophie Yu; Editor: Vinay Dwivedi
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JD.com Beats Quarterly Revenue Estimates on Increased E-Commerce Demand
JD.com Inc, beat Wall Street estimates for quarterly revenue, as more people shopped on its e-commerce platform following lockdowns in mainland China to fight a fresh Covid-19 outbreak.