JD.Com Beats Revenue Estimates on Lockdown Boost

Total net revenue rose 20.7 percent to 146.21 billion yuan ($20.59 billion) in the first quarter ended March 31.

JD.com | Source: Shutterstock

China’s JD.com Inc beat analysts’ estimates for quarterly revenue on Friday, as stay-at-home customers turned to its online platform for daily groceries and shopping needs, sending its US-listed shares up 3.5 percent before the bell.

The company is also benefiting from an in-house logistics and warehousing unit that is supporting the current surge in online orders.

Total net revenue rose 20.7 percent to 146.21 billion yuan ($20.59 billion) in the first quarter ended March 31, while analysts on average had expected 136.53 billion yuan, according to IBES data from Refinitiv.

Net income attributable to ordinary shareholders fell to 1.07 billion yuan, from 7.32 billion yuan a year earlier.

Excluding items, the company earned 1.98 yuan per American depositary share, above estimate of 0.83 yuan.

Source – businessoffashion.com