(Reuters) – Chinese e-commerce firm JD.com Inc beat quarterly revenue and adjusted profit estimates on Thursday, boosted by sustained demand for online shopping.
People shopped heavily online during the peak of the COVID-19 pandemic, benefiting e-commerce companies which continue to see higher demand due to widespread outbreaks of the highly contagious Delta variants globally.
JD.com’s results also came amid China’s regulatory crackdown on the tech industry that has led to an upheaval in sectors such as e-commerce, ride-hailing and gaming.
Sales in the company‘s product segment, which includes online retail sales, rose 22.9% in the quarter ended Sept. 30.
Net revenue rose to 218.7 billion yuan ($34.27 billion) in the third quarter, above Wall Street’s estimates of 216.24 billion yuan, according to Refinitiv data.
Excluding items, the company posted a profit of 3.16 yuan per American depository share (ADS), compared with analysts’ expectations of 2.05 yuan.
The Beijing-based company’s U.S.-listed shares, which have fallen nearly 4% this year, rose 1% in premarket trading.
Earlier this month, JD.com recorded a whopping 349.1 billion yuan worth of transactions, up 28.6% from the previous year during its 11-day Singles Day shopping event.
($1 = 6.3823 Chinese yuan)
(Reporting by Tiyashi Datta and Akriti Sharma in Bengaluru; editing by Uttaresh.V and Subhranshu Sahu)
