JD.com slips as revenue decline outweighs forecast beat

Investing.com -- JD.com shares dipped more than 1% in U.S. premarket trading Thursday as a year-over-year decline in revenue overshadowed the Chinese e-commerce giant’s beat on both quarterly earnings and revenue estimates.

The company reported second-quarter earnings per share of RMB6.29, beating the analyst estimate of RMB5.63 by RMB0.66. Revenue came in at RMB346.4 billion, ahead of the RMB342.7 billion consensus estimate, though down 2.9% from the second quarter of 2025, which JD.com attributed primarily to a high base effect.

“Our second quarter results reflect our resilient and high-quality operations,” said Sandy Xu, CEO of JD.com. “Despite near-term revenue headwinds, we achieved strong bottom-line growth, marking a clear inflection in our profit trajectory. This improvement was primarily driven by solid profitability in our core JD Retail business and continued narrowing of loss at JD Food Delivery."

Non-GAAP operating margin for the quarter rose to 1.6% from 0.3% a year earlier. Non-GAAP EBITDA more than doubled to RMB7.9 billion from RMB3.0 billion, with the non-GAAP EBITDA margin expanding to 2.3% from 0.8%.

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