Online shopping boom sees JD.com beat estimates
A move to online shopping saw China's JD.com first-quarter revenue beat Wall Street estimates on Wednesday (May 19).
As growth remained robust in the domestic e-commerce sector, people have jumped online to shop for everything from groceries to luxury goods.
Net revenue at JD.com, China's largest e-commerce company by revenue, rose 39% to about $31.57 billion over the quarter.
Popular brands including Starbucks and sports retailer Decathlon, along with luxury fashion brands like Marni, launched flagship stores during the quarter on JD.com's e-commerce platform.
The earnings beat comes on the heels of a major regulatory crackdown on rival Alibaba.
Chinese anti-monopoly authorities fined the e-commerce giant a record $2.75 billion last month for engaging in a practice known as "choose one from two".
That's where platforms penalize merchants for listing products on multiple sites.
Even though that penalty targeted a rival, the uncertain regulatory environment has dampened investor sentiment across China's internet sector.
U.S.-listed shares of JD have dropped about 13% since news of the fine on Alibaba was announced.
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