Chinese e-commerce platform JD.com Inc’s first-quarter revenue beat Wall Street estimates on Wednesday, aided by an expanded product line-up that helped lure in more users.
During the quarter, popular brands like Starbucks and sports-retailer Decathlon, along with luxury fashion brands, launched flagship stores on JD.com’s website, which has seen strong demand during the pandemic.
The Beijing-based company also reaped the benefits of having its own in-house delivery network that helped gain footing in lower-tier cities.
Net revenue at JD.com, China’s largest e-commerce company by revenue, rose to 203.2 billion yuan ($31.57 billion) in the quarter ended March 31 from 146.2 billion yuan a year earlier. Analysts on average had expected revenue of 191.83 billion yuan, according to IBES data from Refinitiv.
Net income attributable to ordinary shareholders rose to 3.6 billion yuan from 1.1 billion yuan a year earlier.
By Eva Mathews; Editor: Maju Samuel