Shares of Chinese e-commerce giant JD.com rose on Wednesday Jingdong (JD) posted profit and revenue that beat expectations.
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The U.S.-listed JD.com’s earnings per share were 92 cents in the quarter ended Sept. 30 on sales of $34 billion.Analysts expected earnings to be Earnings were 81 cents per share on sales of $33.8 billion, according to FactSet.
In the same quarter last year, Beijing-based JD.com reported adjusted earnings of 87 cents per share on sales of $33.6 billion.
superior Today’s stock marketIn recent pre-market trading, JD.com’s share price rose 6.9% to 28.54 points.
Discounts boost e-commerce sales
JD.com is one of the largest e-commerce companies in China, with Alibaba (Babe) and Pinduoduo Holdings (PDD).The company also provides supply chain technology and services.
In response to consumers cutting back on spending this year, JD.com has focused on discounts.
“We reported stable revenue performance and record profitability in the quarter, driven by our proactive efforts to enhance price competitiveness and platform ecosystem, as well as our chain stores,” JD.com CEO Sandy Xu said in a report. Supply advantage.” Press Releases.
JD.com’s retail revenue increased by about 1% from the same period last year to US$29.1 billion.
JD.com stock price: down 52% this year
However, JD.com’s share price has been affected by broader concerns about the Chinese economy. As of Tuesday’s closing price, JD.com’s U.S.-listed stock price has fallen 52% this year.
JD.com stock hit last month While several analysts cut their price targets and revenue estimates for the company, most reports cited concerns about China’s broader economy.
The company’s stock ranks No. 13 among 60 stocks in IBD’s Retail Internet industry group IBD inventory check.
JD.com stock weak IBD Comprehensive Rating The full score is 99 points, with a total of 44 points. IBD’s Composite Ratings combine fundamental and technical indicators to outline a stock’s strengths. The best-rated growth stocks have a Composite Rating of 90 or higher.
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