Chinese e-commerce firm JD.com Inc narrowly missed estimates for fourth-quarter revenue on Thursday as Covid lockdowns in the country fueled economic uncertainty and pressured spending.

Revenue rose 7.1 percent to 295.4 billion yuan ($42.8 billion) in the three months ended December, missing analysts’ estimates of 296.17 billion yuan, according to Refinitiv data.

Parts of China remained under strict lockdown for most of the December quarter, with shoppers holding back on spending amid continued economic uncertainty.

JD.com’s quarterly net income attributable to ordinary shareholders was 3 billion yuan, compared with a net loss of 5.2 billion yuan a year earlier.

Excluding one-off items, the company earned 4.81 yuan per American depositary share.

By Yuvraj Malik; Editor: Anil D’Silva

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