JD.com sales surge amid coronavirus pandemic
Annual active customer accounts rose 30% to 417.4M
JD.com revenue surged in the second quarter as more customers turned to ordering products online following the outbreak of COVID-19.
The Beijing-based online direct sales company reported annual active customer accounts increased by 30% to 417.4 million in the three months through June, helping net revenue increase 34% year-over-year to 201.1 billion Chinese yuan ($28.5 billion). Net income was 16.4 billion Chinese yuan ($2.3 billion), or an adjusted 3.51 Chinese yuan per share.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JD | JD.COM INC. | 28.59 | +0.32 | +1.13% |
Wall Street analysts surveyed by Refinitiv were expecting JD.com to report revenue of 190.9 billion Chinese yuan on earnings of 2.67 Chinese yuan per share.
“Our scale advantages and cost efficiency enabled us to provide attractive prices during our June 18 sales promotions, benefiting consumers and society as China's economy emerges from the difficult pandemic period, and helped drive solid top and bottom line results for the second quarter,” CFO Sandy Xu said in a statement.
BIDEN MUM ABOUT TRUMP CRACKDOWN ON CHINESE STOCKS
JD.com dually listed its shares on the Hong Kong Stock Exchange on June 18, raising 34.6 billion Hong Kong dollars ($4.46 billion), which the company plans to use to invest in key supply-chain technologies.
The company on Friday evening announced it one of its business units would acquire a $3 billion Chinese yuan controlling interest stake in courier services provider Kuayue Express.
CLICK HERE TO READ MORE ON FOX BUSINESS
Shares were up 76% year-to-date through Friday.