China’s JD.com beats estimates for quarterly revenue – One America News Network

(Reuters) -JD.com Inc, beat Wall Street estimates for first-quarter revenue on Thursday, driven by resilient demand for its e-commerce platform from online shoppers.

U.S.-listed shares of the Beijing-based company rose nearly 4% in trading before the bell.

Even after the strict COVID-19 related curbs were lifted late last year, customer spending on online platforms remains high as the pandemic has largely changed shopping habits, making e-commerce firms such as Alibaba Group Holding and JD a big beneficiary of the shift.

The company also said it has appointed Chief Financial Officer Sandy Ran Xu as its CEO. Ian Su Shan, the current finance chief of JD Logistics, will take over as CFO of the company.

“JD saw strong growth in profitability in the first quarter as we continued to streamline our operations, optimize our product portfolio and expand our service offerings,” said CEO Lei Xu.

Reuters reported in March that JD was planning to spin off its property and industrial units and list them on the Hong Kong stock exchange in deals worth $1 billion each.

Revenue for the quarter rose 1.4% to 242.96 billion yuan ($35.15 billion), compared with analysts’ average estimate of 239.42 billion yuan, according to Refinitiv data.

Net income attributable to ordinary shareholders was 6.26 billion yuan for the quarter ended March 31, from a loss of 2.99 billion yuan a year earlier.

($1 = 6.9121 Chinese yuan renminbi)

(Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri)