China's JD.com Inc beat analysts' estimates for quarterly revenue and profit, as stay-at-home customers turned to its online platform for daily groceries and shopping needs.
The company, which is working on a second listing in Hong Kong, is also benefiting from an in-house logistics and warehousing unit that is supporting the current surge in online orders.
Sales in its product segment, which includes online retail sales, rose about 20% 130.09 billion yuan ($18.31 billion), beating estimates of 123.62 billion yuan, according to IBES data from Refinitiv polled by three analysts.
Competition
JD has been competing heavily with Alibaba Group Holding Ltd and Pinduoduo Inc for a share in the current surge in online shopping.
In March, JD said it would give out 1.5 billion yuan worth of coupons for branded goods in categories including electronics, to encourage consumers to spend while the broader economy deals with virus-related uncertainties.
In response to the outbreak, JD said on Friday it worked with agricultural merchants to deliver their produce to its customers and also hosted online product launch events for cellphone brands such as Huawei, Xiaomi and Samsung.
Quarterly Performance
JD's total net revenue rose 20.7% to 146.21 billion yuan in the quarter ended 31 March, while analysts on average had expected 136.53 billion yuan.
Net income attributable to ordinary shareholders fell to 1.07 billion yuan from 7.32 billion yuan a year earlier.
Excluding items, the company earned 1.98 yuan per American depositary share, above estimate of 0.83 yuan.
