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JD.com beats second-quarter sales estimates on online strength

2021/8/24 13:01:00   source:CGTN

JD.com Inc. on Monday beat analysts' expectations for quarterly adjusted profit as consumer spending improved.

Net revenue at the Chinese e-commerce giant rose 26.2 percent year on year to 253.8 billion yuan ($39.14 billion) in the second quarter ended in June, compared with analysts' estimate of 249.27 billion yuan.

JD.com's 18-day sales event branded the "618 Grand Promotion" helped it gain over 32 million new users in the second quarter, recording the largest single-quarter increase in the company history.

The company's annual active customer accounts jumped 27.4 percent to 531.9 million.

China's online retail sector reached 6.11 trillion yuan in the second quarter, hitting a year-on-year growth of 23.2 percent as consumption in most parts of the country is returning to normal.

Read more: China's Q2 economy growth shows a more balanced recovery

JD's strategy of holding inventory and having full control of its in-house delivery network has also helped it compete with larger rival Alibaba Group, which outsources its logistics operation to third-party firms.

Read more: Alibaba reports 34% quarterly revenue growth and $15 billion share repurchase

Excluding items, the company posted a profit of 2.90 yuan per American depositary share, compared with analysts' expectations of 2.35 yuan.

(With input from Reuters) 

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