JD.com beats estimates on lockdown boost

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2 年前

STORY: Health crisis lockdowns in China might be disrupting global supply chains, but at least one firm is doing well out of it.

E-commerce giant JD.com said Tuesday (May 17) that it beat Wall Street estimates for quarterly revenue.

It comes as more people shopped online following lockdowns in mainland China.

Shares in the Chinese firm jumped around 8% in U.S. premarket trading.

Rival Alibaba also surged, up 7% Tuesday, as e-commerce companies returned to the kind of growth seen during the early stages of the health crisis.

JD.com reported revenue of just above $35 billion for the latest quarter.

That was slightly higher than analyst forecasts.

China is still pursuing a strict approach to the health crisis as the country tries to stop its most severe outbreak in two years.

Retail sales fell over 11% in China last month - the biggest fall since March 2020.