5 days ago
- Business
- South China Morning Post
JD.com quarterly sales beat expectations, but food delivery foray cuts into profit
's revenue grew a faster-than-anticipated 22 per cent in the June quarter, benefiting from government-directed consumer subsidies as well as an aggressive drive into new arenas such as food delivery
The Nasdaq-listed shares of China's top online retailer by revenue rose about 1 per cent in pre-market US trading.
The
Beijing -based company reported sales of 356.7 billion yuan (US$49.7 billion) for the quarter ended June 30, about 6 per cent above projections.
Net income halved to 6.2 billion yuan, though that fall was better than feared. Margins dwindled to 1.7 per cent, reflecting the cost of that push into China's food delivery market.
ignited a three-way battle in
e-commerce this year after hiring and launching promotions to break into the food delivery and instant commerce markets.
