JD.com's Q2 revenue beats estimates amid slowing Chinese economy
JD.com's (NASDAQ:JD) Q2 earnings and revenue beat estimates amid a slowing Chinese economy.
Net income per American depositary share, or ADS, rose 32.6% year-over-year to RMB5.39, or $0.74.
Total net revenues grew 7.6% year-over-year to RMB287.93B or about $39.71B.
Net product
revenues increased 3.5% year-over-year to RMB233.86B ($32.25B), while Net service revenues soared 30.1% year-on-year to RMB54.08B ($7.46B).
Both top and bottom line numbers beat estimates.
"We are also encouraged to see the number of our marketplace merchants more than doubled and reached a new record during the quarter, reflecting our efforts to build a superior marketplace ecosystem, one of our priorities to provide customers with enriched supplies at better prices," said JD CEO Sandy Xu.
Net revenues of JD Retail rose 4.85% to RMB253.28B ($34.93B) while JD Logistics saw an increase of 31.2% year-over-year to RMB41.03B ($5.66B).
Dada net revenues rose 23.2% year-over-year to RMB2.81B ($388M). Meanwhile, New businesses net revenue fell 31.1% year-over-year to RMB4.32B ($595M).
As of June 30, cash and cash equivalents, restricted cash and short-term investments were RMB243.3B ($33.5B), compared to RMB226.2B as of Dec. 31, 2022.
However, the company's stock dipped about 3% premarket on Wednesday. Several Chinese tech stocks were in the red. Alibaba (BABA) ~2%, Baidu (BIDU) -2%, Bilibili (BILI) ~3%.
JD -3.09% to $34.86 premarket Aug. 16

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