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May 12, 2023
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JD.com Inc declined 5% to $35.74 after the China-based e-commerce giant reported better-than-expected quarterly revenue and earnings.
Net revenue in the first quarter increased 1.4% to RMB 243.0 billion or $135.4 billion and net service revenue increased 34% to RMB47.4 billion or US$6.9 billion.
Net income attributable to the company's ordinary shareholders for the first quarter was RMB 6.3 billion or $0.9 billion, compared to a net loss of RMB 3.0 billion for the same period last year.
Diluted net income per ADS for the first quarter was RMB3.93 or $0.57, compared to a diluted net loss of RMB 1.92 for the first quarter of 2022.
The company said current chief executive Xu Lei will step down in June in a surprise corporate reshuffle and said Xu will be replaced by chief financial officer Sandy Ran Xu.
Amid rising competition in its domestic market and weak post-Covid recovery, JD.com stock has dropped 25% in the last twelve months in Hong Kong trading.
JD
