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JD.com: Revenue beat estimates in the quarter

JD.com reported quarterly revenue that beat Wall Street estimates as lockdowns in China to curb the spread of the coronavirus boosted online shopping and the company’s “618” event.

Shares of the Chinese company rose nearly 7% in pre-conference trading in the US.

Specifically, JD.com reported second-quarter revenue of 267.6 billion yuan ($39.07 billion), higher than analysts’ average estimate of 262.31 billion yuan.

Sales in the product sector, which includes online retail sales, rose 2.9% in the quarter, while those from services such as logistics and marketing rose 21.9%.

Net profit rose to 4.38 billion yuan, or 1.37 yuan per ADS, for the quarter to June 30, from 794 million yuan, or 0.25 yuan per ADS, a year ago.

Source: Capital

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