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Chinese e-commerce giant JD.com reported its slowest Q1 revenue growth on record as COVID-19 lockdowns in the world’s second-largest economy eased consumer spending.
Source: JD.COM
JD up +7.40%, BABA up +7.03%
JD.com surpassed estimates on revenue but missed expectations on earnings.
The company’s total revenue came in at 239.7 billion Chinese yuan compared to an estimate of 236.6 billion yuan, representing an 18% year-on-year jump.
The 18% revenue growth is the slowest year-on-year quarterly growth pace for JD in its history as a publicly listed company.
JD’s retail segment, its largest division by revenue, generated revenue of 217.5 billion yuan in the March quarter, surging 17% year-on-year.
The Chinese firm’s logistics business reported a revenue increase of 22% year-on-year to 27.3 billion yuan. JD logistics also contracted its losses in the quarter.
Xu Lei, CEO of JD.com, stated that JD.com’s robust supply chain capabilities and technology-driven operating efficiency were due to solid performance during the quarter.
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