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China’s JD.com beats estimates as growth remains robust despite COVID
- Thursday | 20th May, 2021
(Reuters) -China’s JD.com Inc’s first-quarter revenue beat Wall Street estimates on Wednesday, as growth remained robust in the domestic e-commerce sector following the COVID-19 pandemic. Net revenue at JD.com, China’s largest e-commerce company by revenue, rose 39% to 203.2 billion yuan ($31.57 billion) in the quarter ended March 31, topping analysts’ average estimate of 191.83 billion yuan, according to IBES data from Refinitiv. Sales in its product segment, which includes online retail sales, rose nearly 35% to 175.28 billion yuan in the quarter. Despite how that penalty targeted a rival, the uncertain regulatory environment has dampened investor sentiment across China’s internet sector. Concurrent with the fine on Alibaba, JD withdrew its initial public offering application for its fintech subsidiary JD Digits from the Shanghai Stock exchange.
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