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August 11, 2016

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JD.com’s Q2 revenue falls within forecasts

Source: Agencies | August 11, 2016, Thursday | Print Edition

JD.COM Inc, China’s second biggest e-commerce company, reported revenue for the second quarter of 2016 that was within its forecasts, even as a fall in the growth rate is set to continue.

The company, Alibaba Group Holding Ltd’s main rival in online shopping, said yesterday that revenue for the quarter rose 42 percent to 65.2 billion yuan (US$9.83 billion), within JD.com’s forecast range of 64.2-66.2 billion yuan.

But the company is predicting an even sharper decline in growth for the third quarter, compounding concerns that China’s e-commerce sector is saturating. JD.com’s revenue from Amazon-like online direct sales rose 40 percent in the quarter, versus a 67 percent jump in sales from services and other businesses. JD.com now expects revenues for the third quarter to be 59-61 billion yuan, up 34-38 percent from the same quarter in 2015.

Net losses were 132.1 million yuan, compared to a loss of 510.4 million yuan in the previous year. The total value of merchandise transactions on JD.com’s platforms was 108.7 billion yuan in the quarter, up 47 percent excluding online marketplace Paipai.com, which JD.com shut down.

Including Paipai’s previous contribution to transactions for the previous year in the comparison, the second quarter’s growth rate for value of merchandise sold would be 40 percent, according to Reuters calculations.

The company also gave an update on its share repurchase program it authorized in September, saying it had bought 2.4 million ADSs for about US$51.5 million.

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