China's JD.Com Beats Estimates for Quarterly Revenue

Reuters2023-05-11

JD.com Inc beat Wall Street estimates for first-quarter revenue on Thursday, driven by resilient demand for its e-commerce platform from online shoppers.

U.S.-listed shares of the Beijing-based company rose 4.7% 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 Holding and JD a big beneficiary of the shift.

The company also said it has appointed Chief Financial Officer Sandy Ran Xu as its CEO.

Revenue for the quarter was 242.96 billion yuan ($35.15 billion), compared with analysts' average estimate of 239.42 billion yuan, according to Refinitiv data.

($1 = 6.9121 Chinese yuan renminbi)

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Kennoobie
2023-05-11
Kennoobie
Extremely happy

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