JD.com Beat Estimates With Higher Profit, Sales
By Tracy Qu
Chinese e-commerce giant JD.com posted a rise in quarterly profit, beating estimates as its core businesses grew despite fierce competition with peers such as Alibaba and PDD.
The Beijing-based company said Thursday that net profit in the first quarter rose 14% from a year earlier to 7.13 billion yuan ($987.7 million). The bottom line beat the consensus estimate of CNY5.26 billion in a FactSet poll of analysts.
JD.com said a focus on user experience helped drive "strong growth" in active users and engagement during the quarter.
Adjusted net profit rose 17% to CNY8.90 billion, beating estimates for CNY7.40 billion. The widely tracked metric excludes share-based compensation and fair-value changes of long-term investments, among other items.
Revenue for the quarter increased 7.0% to CNY260.05 billion, higher than a FactSet estimate for CNY258.47 billion. Retail sales, which make up the bulk of the company's revenue, rose 6.8%, while logistics sales rose 15%.
JD.com is facing stiff competition from rivals including Alibaba and PDD. Earlier this week, Alibaba reported single-digit revenue growth for the March quarter and a 11% decline in adjusted profit.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
May 16, 2024 07:08 ET (11:08 GMT)
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