JD.com Stock Jumps As Quarterly Earnings Beat Estimates
China e-commerce company JD.com (JD) reported third-quarter results before the market open Monday that topped estimates and sent the stock higher in premarket trading.
XAutoplay: On | OffJD.com, the largest internet company in China by revenue, reported quarterly revenue of $12.58 billion, beating the consensus estimate of $12.25 billion and up 39% from the year-ago quarter. It reported adjusted earnings of 23 cents, beating the consensus estimate of 10 cents, as polled by Zacks Investment Research, compared with 3 cents in the same quarter a year ago.
JD.com shares were up 3.4%, near 41.30 during premarket trading in the stock market today. The company said annual active customer accounts rose 34% to 266.3 million, up from 198.7 million in the year-ago period.
Alibaba, on Nov. 11, held its annual one-day sales event, the largest shopping day globally, known as the 11.11 Global Shopping Festival. Alibaba reported gross merchandise volume of $25.4 billion, up 39% vs. a year earlier. But JD.com racked up $19.1 billion.
Alibaba, on Nov. 2, reported revenue of $8.29 billion for its fiscal second quarter, up 61% from the year-ago period and topping estimates. Alibaba shares were up 0.4%, near 187.22 in premarket action
JD.com has a strategic alliance with messaging and gaming giant Tencent (TCEHY), which owns a big stake in the e-commerce firm. Tencent will report third-quarter results early Wednesday.
In October, JD and Tencent expanded their partnership with the launch of a retail marketing platfrom.