JD.com Reports Higher Quarterly Sales Defying China Downturn

Founded by billionaire Richard Liu, JD.com has largely avoided a direct hit from Beijing’s crackdown on the country’s biggest internet companies.

(Bloomberg) — JD.com Inc. reported higher sales last quarter after shoppers kept spending at China’s second-largest online retailer despite an economic downturn.

Sales rose 11% from a year earlier to 243.5 billion yuan ($34.2 billion) in the quarter ended in September, the company said Friday in a statement. That beat the average forecast of 243.1 billion yuan in a Bloomberg survey of analysts. The Beijing-based company logged net income of 6 billion yuan, swinging from a 2.8 billion yuan loss the previous year following cost cutting.