(Corrects to “Louis Vuitton-owner” from “Louis Vuitton-owned” in paragraph 1)
China’s JD.com Inc on Monday beat analysts’ expectations for quarterly adjusted profit, as its partnership with global brands such as Louis Vuitton-owner LVMH helped it attract more shoppers to its e-commerce platform.
The results come amid a crackdown on the tech industry by Chinese regulators that has led to an upheaval in sectors such as e-commerce, gaming, ride-hailing and cryptocurrency.
Net revenue at JD.com rose about 26per cent to 253.8 billion yuan (US$39.14 billion) in the second quarter ended June 30. Analysts had expected revenue of 249.27 billion yuan, according to IBES data from Refinitiv.
JD’s annual active customer accounts jumped 27.4per cent to 531.9 million.
JD’s strategy of holding inventory and having full control of its in-house delivery network has also helped it compete with larger rival Alibaba Group, which outsources its logistics operation to third-party firms.
Sales in JD’s product segment, which includes online retail, rose over 23per cent to 219.69 billion yuan.
Excluding items, the company posted a profit of 2.90 yuan per American depositary share (ADS), compared with analysts’ expectations of 2.35 yuan.
(US$1 = 6.4841 Chinese yuan renminbi)
(Reporting by Akanksha Rana in Bengaluru; Editing by Sriraj Kalluvila and Anil D’Silva)
For all the latest business News Click Here
