JD.com Beats Quarterly Revenue Estimates on Increased E-Commerce Demand

JD.com Inc, beat Wall Street estimates for quarterly revenue on Tuesday, as more people shopped on its e-commerce platform following lockdowns in mainland China to fight a fresh Covid-19 outbreak.

US-listed shares of the Beijing-based company rose nearly 8 percent in premarket trading.

The resurgence of Covid-19 in the world’s second-largest economy and its strict lockdown regulations have revived online sales demand, helping e-commerce companies return to growth seen during the early stages of the pandemic.

The company reported revenue of 239.66 billion yuan ($35.57 billion) for the quarter ended March 31, compared to analysts’ estimates of 236.66 billion yuan, according to IBES data from Refinitiv.

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Net loss attributable to ordinary shareholders stood at 2.99 billion yuan, compared with a profit of 3.62 billion yuan a year earlier.

By Tiyashi Datta; Editor: Krishna Chandra Eluri

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JD.com Founder Steps Back From CEO Role

Liu Qiangdong, also known by the English name Richard Liu, has been replaced as the e-commerce firm’s chief executive by Xu Lei, effective immediately. Xu also replaced Liu as company president last September and will join JD.com’s board as an executive director.

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