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JD.com beats estimates for adjusted profit on boost from partnership deals

Reuters / 1 min read.
August 23, 2021
floq.to/jTLt5

(Reuters) -China’s JD.com Inc on Monday beat analysts’ expectations for quarterly adjusted profit, as its partnership with global brands such as Louis Vuitton-owned LVMH helped it attract more shoppers to its e-commerce platform.

The results come amid a crackdown on the tech industry by Chinese regulators that has led to an upheaval in sectors such as e-commerce, gaming, ride-hailing and cryptocurrency.

Net revenue at JD.com rose about 26% to 253.8 billion yuan ($39.14 billion) in the second quarter ended June 30. Analysts had expected revenue of 249.27 billion yuan, according to IBES data from Refinitiv.

JD’s annual active customer accounts jumped 27.4% to 531.9 million.

JD’s strategy of holding inventory and having full control of its in-house delivery network has also helped it compete with larger rival Alibaba Group, which outsources its logistics operation to third-party firms.

Sales in JD’s product segment, which includes online retail, rose over 23% to 219.69 billion yuan.

Excluding items, the company posted a profit of 2.90 yuan per American depositary share (ADS), compared with analysts’ expectations of 2.35 yuan.

($1 = 6.4841 Chinese yuan renminbi)

(Reporting by Akanksha Rana in Bengaluru; Editing by Sriraj Kalluvila and Anil D’Silva)

Categories: News
Tags: BI, Data, share, strategy

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