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JD stock: China’s e-commerce firm beats fourth-quarter targets




China’s e-commerce giant JD.com (JD) on Thursday beat expectations for the fourth quarter despite some weakness in consumer spending due to Covid-19 restrictions that were lifted in December. But JD shares fell in morning trading.




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The Beijing-based company reported adjusted earnings of 70 cents per US share on revenue of $42.8 billion. Analysts polled by FactSet had expected JD to report adjusted earnings of 51 cents per share on revenue of $42.53 billion. On a year-over-year basis, JD revenues increased by 100% while sales increased by 7%.

Before China ended its zero-Covid policy late last year, a wave of coronavirus cases had already disrupted consumption and order fulfillment in the world’s second-largest economy.

“Although 2022 brought many challenges for JD and China as a whole, we delivered solid operational results and passed 1 trillion RMB ($143.6 billion) in annual revenue for the first time,” CEO Lei Xu said in a press release.

“As we look forward, amid ever-evolving opportunities and challenges, we will remain focused on reducing costs, increasing efficiency and continually improving the user experience,” he added.

JD is one of the largest e-commerce companies in China, competing with Ali Baba (BABA) and PDD Holdings (PDD). The company also provides supply chain technology and services.

The JD share falls after the earnings report

JD shares fell 6.6%, near 43.90, during morning trading on the stock market today.

On February 21, shares of JD, Alibaba and PDD (formerly Pinduoduo) fell on a report that JD planned to spend $1.5 billion to create a subsidiary to target budget-conscious consumers. It raised concerns about increasing competition and price wars.

Alibaba reported quarterly results late last month that beat estimates, as the Chinese e-commerce giant also battled through softer demand and supply chain issues.

JD stock ranks 10th out of 58 stocks in IBD’s Retail-Internet industry group, according to IBD Stock Checkup. It has an average IBD Composite Rating of 61 out of 99.

Follow Brian Deagon on Twitter at @IBD_BDeagon for more on technology stocks, analysis and financial markets.

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