JD shares rise as Chinese e-commerce giant's Q1 sales top estimates
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JD.com (NASDAQ:JD) shares rose more than 4%, Tuesday, after the Chinese e-commerce leader reported first-quarter revenue that was hampered by Covid-related lockdowns, but still surpassed Wall Street analysts' estimates.
Prior to U.S. stock markets opening, JD (JD) said that for the first three months of the year, it lost the equivalent of $451.2 million, on revenue equal to almost $37 billion. Analysts had forecast JD (JD) to earn $98.6 million on revenue of $35.6 billion.
While JD's (JD) revenue topped expectations, sales also rose 18% from a year ago, and was the slowest year-on-year increase since the company went public.
Among JD's (JD) specific business areas, retail sales rose 17% from a year ago, to $32.7 billion, revenue from logistics climbed 22%, to $4.1 billion.
Trading activity in JD's (JD) stock was heavy, with more than 14 million shares exchanged in early action. The company averages almost 16 million shares traded on a daily basis.
Earlier Tuesday, China's Vice Premier, Liu He told some of the country's leading technology executives to expect the relationship between their businesses, and the Beijing government, would be "properly managed."
At Bank of America, analyst Eddie Leung said Tuesday that China's best-known Internet and e-commerce company, Alibaba (BABA), isn't likely to report any "surprise" when it delivers its first-quarter results on May 26.