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JD.com Posts 20% Surge in First-Quarter Sales Amid Pandemic

By Han Wei / May 16, 2020 03:25 AM / Business & Tech

Photo: VCG

Photo: VCG

Chinese e-commerce giant JD.com’s first-quarter sales jumped 20.7% from a year ago to 146.2 billion yuan ($20.6 billion) as the coronavirus pandemic forced more people to shop online, the company said Friday.

At the same time, net income plunged 85% to 1.1 billion yuan from 7.3 billion yuan a year ago, reflecting increased retailing costs and expansion of logistics services. Cost of revenues increased by 20.2% to 123.7 billion yuan for the first quarter of 2020, according to company’s financial report.

JD.com had 387.4 million annual active customer accounts as of March 31, up 25% from a year ago. Mobile daily active users increased by 46% year over year.

“JD’s resilient business model helped drive solid top- and bottom-line results for the quarter that exceeded our expectations,” said Sidney Huang, chief financial officer of JD.com. The company will continue to invest in technology and customer experience to support growth, Huang said.

As of March 31, the company’s cash and cash equivalents, restricted cash and short-term investments totaled 75.1 billion yuan, compared with 64.5 billion yuan as of Dec. 31.

Related: Money-Losing Pinduoduo Overtakes JD.com as China’s Second Most Valuable Online Retailer

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)
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