JD.com Inc, beat Wall Street estimates for quarterly revenue on Tuesday, as more people shopped on its e-commerce platform following lockdowns in mainland China to fight a fresh Covid-19 outbreak.

US-listed shares of the Beijing-based company rose nearly 8 percent in premarket trading.

The resurgence of Covid-19 in the world’s second-largest economy and its strict lockdown regulations have revived online sales demand, helping e-commerce companies return to growth seen during the early stages of the pandemic.

The company reported revenue of 239.66 billion yuan ($35.57 billion) for the quarter ended March 31, compared to analysts’ estimates of 236.66 billion yuan, according to IBES data from Refinitiv.

Net loss attributable to ordinary shareholders stood at 2.99 billion yuan, compared with a profit of 3.62 billion yuan a year earlier.

By Tiyashi Datta; Editor: Krishna Chandra Eluri

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JD.com Founder Steps Back From CEO Role

Liu Qiangdong, also known by the English name Richard Liu, has been replaced as the e-commerce firm’s chief executive by Xu Lei, effective immediately. Xu also replaced Liu as company president last September and will join JD.com’s board as an executive director.