China's JD.com beats quarterly revenue estimates
May 13 (Reuters) - China's JD.com (9618.HK), opens new tab topped market estimates for quarterly revenue on Tuesday, in a sign the e-commerce giant saw steady demand even as U.S. tariffs and prolonged economic weakness weighed on consumer sentiment.
Consumer demand in China has faced a series of hurdles in recent years, with a prolonged property sector crisis and high unemployment rates never allowing for a full recovery from the impact of the COVID-19 pandemic.
But e-commerce players such as JD.com and Alibaba (9988.HK), opens new tab have resorted to slapping heavy discounts and cutting product prices to lure shoppers, while also leaning on government subsidies to drive consumption.
That has helped JD.com, a major retailer of home appliances in China, even as consumer sentiment took a hit from U.S.-China trade tensions. China's retail sales growth also quickened in January and February.
JD.com reported total revenue of 301.08 billion yuan ($41.82 billion) for the quarter ended March 31, up 15.8% from a year earlier. Analysts' estimate was 289.22 billion yuan, according to data compiled by LSEG.
U.S.-listed shares of the company fell more than 1% in premarket trading.
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