The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BEIJING, China — China's JD.com Inc beat analysts' estimates for quarterly revenue on Friday, as stay-at-home customers turned to its online platform for daily groceries and shopping needs, sending its US-listed shares up 3.5 percent before the bell.
The company is also benefiting from an in-house logistics and warehousing unit that is supporting the current surge in online orders.
Total net revenue rose 20.7 percent to 146.21 billion yuan ($20.59 billion) in the first quarter ended March 31, while analysts on average had expected 136.53 billion yuan, according to IBES data from Refinitiv.
Net income attributable to ordinary shareholders fell to 1.07 billion yuan, from 7.32 billion yuan a year earlier.
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Excluding items, the company earned 1.98 yuan per American depositary share, above estimate of 0.83 yuan.
By Ayanti Bera and Josh Horwitz; editor: Sriraj Kalluvila.
The algorithms TikTok relies on for its operations are deemed core to ByteDance overall operations, which would make a sale of the app with algorithms highly unlikely.
The app, owned by TikTok parent company ByteDance, has been promising to help emerging US labels get started selling in China at the same time that TikTok stares down a ban by the US for its ties to China.
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.