Chinese e-commerce giant JD.com reported first-quarter results that showed revenue growth topped expectations despite disruptive significant Covid-19 lockdowns in China.
Shares of the company’s American depositary receipts (ticker: JD) rose nearly 9% in premarket trading. The Hong Kong-listed stock (9618.HongKong) gained 7.4%. Shares were on the rise before earnings were released amid a broader rally in US-listed Chinese tech stocks.
Revenue grew 18% from the same period a year ago to $37.8 billion. Analysts had expected the company to post revenue of $34.7 billion, according to brokers surveyed by FactSet.
Earnings themselves disappointed. JD.com reported a net loss of $500 million in the first three months of 2022, delivering an earnings-per-share loss of 30 cents. Wall Street was looking for a profit of $65 million in the quarter or earnings of 24 cents per share.
Revenue growth slowed slightly from the last quarter of 2021 when revenue jumped 23% year over year. Still, JD.com grew revenue despite the impact of Covid-19 lockdowns in China, which spurred a slowdown in the world’s second-largest economy.
Write to Jack Denton at [email protected]
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