Q: What is JD.com (JD) Q3 2024 Earnings Call Transcript Summary?

The earnings call for JD.com (JD) presented a mixed outlook with both positive and negative aspects highlighted.

Here are the specific viewpoints from the earnings call:

Bullish Points:

1. JD.com had a solid Q3 with improved operating and financial results.

2. Top-line growth accelerated sequentially.

3. The active user base and shopping frequency expanded with stronger momentum.

4. The bottom line achieved another substantial uplift.

5. Revenues of general merchandise recorded a solid growth of 8% year on year.

6. The supermarket category delivered double-digit revenue growth year on year in the quarter.

7. Apparel and sports and outdoors both recorded double-digit revenue growth year on year during the quarter.

8. The number of quarterly active customers has been growing at double-digit rates year on year for the last four quarters in a row, with Q3 being the highest.

9. User shopping frequency maintained double-digit year-on-year growth.

10. JD PLUS program is on the right track with active PLUS member number and shopping frequency continuing to improve.

11. Advertising revenues in the retail business grew by double digits year on year.

12. JD Logistics' revenue increased by 7% year on year in Q3.

13. JD Logistics' non-GAAP operating income increased by 624% year on year, and the operating margin came in at 4.7%, up 400 bps compared to a year ago.

14. Non-GAAP net profit attributable to ordinary shareholders increased by 24% year on year, and the net margin came in at 5.1%, up 76 bps year on year.

15. JD's Singles Day Grand Promotion saw user numbers and order volume both recording double-digit growth.

Bearish Points:

1. Revenue of the new business was down 26% year on year, mostly due to the adjustment of the Jingxi business.

2. Non-GAAP operating loss of the new business was RMB 615 million in the quarter, compared to a loss of RMB 192 million a year ago.

3. Last 12 months free cash flow as of the end of Q3 was RMB 34 billion, compared to RMB 39 billion in the same period last year.

For more information about JD.com's earnings call, you can read the relevant news: JD.com (JD) Q3 2024 Earnings Call Transcript