Earnings Snapshot
JD.com reported revenue of $51.05 billion, down 2.9% year over year and below the analyst consensus estimate of $51.55 billion.
The decline marked JD.com’s first quarterly revenue contraction since its 2014 listing, as softer Chinese consumer spending and a difficult year-earlier comparison weighed on sales, Bloomberg reported Thursday.
The year-earlier period benefited from government-backed subsidies for cars, electronics and other big-ticket purchases. China’s prolonged economic slowdown has since pressured online retailers, while retail sales recorded their first monthly decline since the pandemic in May.
Adjusted net income per ADS came in at 93 cents, beating the analyst estimate of 81 cents. Net income rose 15% to 7.1 billion yuan.
