The e-commerce firm posted a quarterly loss on Thursday as its operational costs surged, and reported its weakest revenue growth in six quarters amid slowing consumer spending, sending shares down 6 percent in premarket trade.

The slowdown in the world’s second-largest economy has taken a toll on its e-commerce sector, as consumers cut back on discretionary spending.

Last month, rival Alibaba posted its slowest revenue growth for the same period since going public in 2014.

JD.com, which sells everything from home appliances to luxury goods, said general expenses rose 89 percent, primarily due to the increase in share-based compensation expenses.

The online retailer, which enjoys a competitive edge over its rivals due to its investments in supply chain and logistics, said fulfilment costs were also up 10.7 percent.

Net loss attributable to shareholders for the fourth quarter of 5.2 billion yuan, compared to a profit of 24.3 billion yuan last year.

Net revenue rose about 23 percent to 275.9 billion yuan ($43.64 billion) in the fourth quarter, while analysts had expected revenue of 274.45 billion yuan, according to IBES data from Refinitiv.

Revenue from JD Retail, the unit that accounts for a majority of the company’s revenue from its website, retail partnerships and retail stores, rose nearly 21 percent. The logistics business saw revenue jump about 28 percent.

On an adjusted basis, the company earned 2.21 yuan per share, compared with analysts’ average estimate of 1.54 yuan.

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