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March 3, 2017

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JD.com reports 47% jump in Q4 revenue

Source: Agencies | March 3, 2017, Friday | Print Edition

JD.COM Inc, China’s second-biggest e-commerce firm, reported fourth-quarter revenue jumped 47 percent from a year earlier driven by strong sales in its core e-commerce businesses.

Revenue for the three months to end-December came in at 80.3 billion yuan (US$11.7 billion), beating its forecast of 75-77.5 billion yuan and up from 54.6 billion yuan a year earlier.

JD.com’s net loss fell to 1.67 billion yuan from 7.63 billion yuan a year earlier.

It also expects revenue to fall to between 72.3 billion and 74.3 billion yuan in the first quarter.

The company’s core gross merchandise volume, a measure of overall sales volume for products on its platforms excluding Paipai.com, rose 46 percent to 209.7 billion yuan from the year earlier.

Amid fierce competition, JD.com has sought to diversify into data, cloud and finance services.

JD.com said it agreed on Wednesday to move ahead with the reorganization of its financial unit to make it a fully Chinese-owned entity, which is a licensing requirement for managing certain financial products in the country.

JD.com, which owns 68.6 percent of the unit prior to the deal, will sell 28.6 percent of the unit for around 14.3 billion yuan in cash, the firm said.

JD.com Chairman Richard Liu will acquire a stake of about 4.3 percent in the reorganized unit and obtain a majority of voting rights.

In return, JD.com will receive 40 percent of the restructured entity’s pre-tax profit after the transaction. The transaction is expected to close in mid-2017.

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