Technology

JD.com exceeds profit forecasts and experiences an increase in buyers on Singles' Day

JD.com increases net profit by 48 percent and records 20 percent more active buyers on Singles' Day.

Eulerpool News Nov 15, 2024, 4:22 PM

JD.com achieved higher profits and revenues in the third quarter despite intense competition from Alibaba and PDD Holdings, driven by improved consumer sentiment and a successful role in the government's exchange program for old devices.

Here is the translation of the heading into English:

"Net profit rose by 48 percent to 11.73 billion Yuan (1.62 billion USD), significantly above the FactSet forecast of 9.45 billion Yuan. Revenue grew by 5.1 percent to 260.39 billion Yuan, slightly below the analyst estimate of 262.63 billion Yuan.

We observed upward potential in revenue growth and healthy profitability in the third quarter as consumer sentiment continued to improve," said CEO Sandy Xu. Citi analysts also attribute the profit increase to the company's stronger partnership with the government, particularly in the exchange program.

The revenues from the core retail business increased by 6.1 percent, while logistics revenues rose by 7.9 percent. On Singles' Day on November 11, JD.com also recorded a 20 percent increase in active buyers.

JD.com's shares traded on the Hong Kong Stock Exchange rose by about 20 percent this year, outperforming the Hang Seng Index's increase of 14 percent. Analysts are eagerly awaiting the results of rival Alibaba, which will present its quarterly figures on Friday.

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