China's JD.com tops quarterly revenue estimates as consumer demand holds up
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 jumped nearly 3% in early trading.
The upcoming shopping festival, dubbed as 618 as it falls on June 18, will be a barometer to gauge to what extent consumer demand in the country has recovered.
The online shopping event, initiated by JD.com, is becoming longer and longer. This year, Taobao already started the 618 pre-sale on Tuesday, while JD.com, whose official start date of 618 is May 31, announced an event called the "Heartbeat Shopping Festival" which began on Tuesday.
Jacob Cooke, CEO of e-commerce consultancy WPIC Marketing + Technologies, said he expects sales growth during this year's 618. "China's consumer confidence has shown greenshoots in 2025, with healthy retail growth the last few months and strong travel numbers on May Day and the Qingming Festival," he said.
On Tuesday, the State Administration for Market Regulation, China's top market regulator, said it has summoned e-commerce platforms such as JD.com, Meituan, and Alibaba's Ele.me and requested they abide by laws and regulations and compete fairly and in an orderly manner.
Food delivery in China is dominated by Meituan and Ele.me, but JD.com's high-profile entry into the field in February has intensified the competition.
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