JD.com posted a stronger-than-expected 1.7 per cent rise in quarterly revenue, after heavy promotional spending propelled online transactions in the face of intense competition.
Revenue came to 247.7 billion yuan (US$34.2 billion) in the September quarter, versus the 246.6 billion yuan average analyst estimate. Net income rose 33 per cent to 7.9 billion yuan. Its shares rose 4.5 per cent in pre-market trading in New York.
The Beijing-based company has embarked on a price war to wrest market share away from rivals such as Alibaba Group Holding and PDD Holdings, at a time consumers are cutting back in a downturn. It’s trying to reclaim ground lost both to its traditional rivals and newer entrants like ByteDance’s Douyin. JD’s now pivoting toward offering consumers wider price ranges and product categories, diversifying from its traditional focus on bigger-ticket items such as smartphones, targeting more frugal post-pandemic shoppers.
