JD.com Up 6% After Beating Revenue and Earnings Estimates on Strong Online Demand
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JD.com (NASDAQ: JD) reported better-than-expected results for its fourth quarter to send its shares over 6% higher in pre-open Thursday.
The Chinese company said it earned $0.23 per share to top the market estimates of $0.19. Revenue soared 40.2% to $34.38 billion to top the $33.78 billion expectations from the Street.
“JD saw accelerated revenue and user growth during the fourth quarter driven by our long-term operating philosophy and customer-centric value proposition despite the ongoing market challenges,” said Richard Liu, Chairman and Chief Executive Officer of JD.com.
“During this quarter, JD continued its strategic transformation into a supply chain-based technology and service company with increasingly diversified sources of revenues. With a strong momentum going into 2021 and with our recently optimized organizational structure, JD will continue to invest in innovative, high potential businesses to drive long-term sustainable growth.”
JD saw annual active customer accounts, a closely-watched metric in this sector, soar by 30.3% to 471.9 million in 2020. The company witnessed strong demand amid the COVID-19 pandemic as shoppers continued to buy online.
“Our operational efficiency continued to improve driven by technology and innovation. We have also made progress in a number of new businesses that we have been incubating, including the successful IPO of JD Health, the submission of JD Logistics’s listing application to the Hong Kong Stock Exchange and the progress of JD Property’s series A financing,” Sandy Xu, Chief Financial Officer of JD.com, added.
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