JD.com Inc. surpassed Wall Street expectations for quarterly revenue on Tuesday as China's coronavirus shutdown bolstered online shopping and the firm's "618" shopping festival.
In pre-market trading, stocks of the Beijing-based e-commerce behemoth increased by almost 7 per cent.
According to Refinitiv IBES data, the firm announced second-quarter revenue of 267.6 billion yuan ($39.07 billion), exceeding analysts' average estimate of 262.31 billion yuan.
The company also reported sales in its product segment, that includes online retail sales, increased 2.9 per cent for the quarter, even though sales in its services segment, that comprises of logistics and marketing, increased 21.9 per cent.
"We like JD the most amid the zero-COVID-19 policy," said a research note by Morningstar published earlier this month. "Its self-owned logistics gives it more control over delivery relative to competitors."
For the three months of the quarter that ended June 30, the net income of JD.com attributable to ordinary shareholders increased to 4.38 billion yuan, or 1.37 yuan per American Depository Share (ADS), compared to 794 million yuan, or 0.25 yuan per ADS, for the same period a year earlier.
Excluding items, the Chinese company earned 4.06 yuan per American ADS, versus analysts' expectations of 2.71 yuan.
JD Logistics, a company that operates more than 1,400 warehouses and has staff of more than 200,000 in-house delivery staff, is also branching out internationally. In June, it opened its first automated warehouse in the United States, "Los Angeles No. 2."
Peer Alibaba exceeded expectations earlier this month, despite reporting flat quarterly revenue growth for the first time in the company's history.
(Source:www.usmoney.com)
In pre-market trading, stocks of the Beijing-based e-commerce behemoth increased by almost 7 per cent.
According to Refinitiv IBES data, the firm announced second-quarter revenue of 267.6 billion yuan ($39.07 billion), exceeding analysts' average estimate of 262.31 billion yuan.
The company also reported sales in its product segment, that includes online retail sales, increased 2.9 per cent for the quarter, even though sales in its services segment, that comprises of logistics and marketing, increased 21.9 per cent.
"We like JD the most amid the zero-COVID-19 policy," said a research note by Morningstar published earlier this month. "Its self-owned logistics gives it more control over delivery relative to competitors."
For the three months of the quarter that ended June 30, the net income of JD.com attributable to ordinary shareholders increased to 4.38 billion yuan, or 1.37 yuan per American Depository Share (ADS), compared to 794 million yuan, or 0.25 yuan per ADS, for the same period a year earlier.
Excluding items, the Chinese company earned 4.06 yuan per American ADS, versus analysts' expectations of 2.71 yuan.
JD Logistics, a company that operates more than 1,400 warehouses and has staff of more than 200,000 in-house delivery staff, is also branching out internationally. In June, it opened its first automated warehouse in the United States, "Los Angeles No. 2."
Peer Alibaba exceeded expectations earlier this month, despite reporting flat quarterly revenue growth for the first time in the company's history.
(Source:www.usmoney.com)
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