U.S.-listed shares of JD.com Inc.
were up more than 4% in premarket trading Tuesday after the Chinese e-commerce company easily exceeded second-quarter profit expectations. The company reported net income of RMB4.4 billion ($0.6 billion), or RMB2.74 a share, compared with RMB0.8 billion, or RMB0.50 in the year-earlier period. On an adjusted basis, JD.com earned RMB4.06 a share, up from RMB2.90 a share a year before, while analysts tracked by FactSet were anticipating RMB2.79 a share. JD.com’s net revenue rose to RMB267.6 billion from RMB253.7 billion a year earlier. The FactSet consensus was for RMB262.3 billion. “JD.com’s resilient business model, industry-leading supply chain capabilities and efficient operations helped us deliver solid quarterly results amidst ongoing challenges in the external environment,” Chief Executive Lei Xu said in a release. Shares of JD.com have lost 21% so far this year as the KraneShares CSI China Internet ETF
has fallen 16% and as the S&P 500
has dropped 13%.
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