China's JD.com Inc beat analysts' estimates for quarterly revenue and profit, helped by strength in its core e-commerce business.
The company's total net revenue rose to 170.68 billion yuan (€22 billion) in the fourth quarter ended 31 December from 134.83 billion yuan (€17.4 billion) a year earlier. Analysts were expecting revenue of 166.72 billion yuan (€21.5 billion), according to IBES data from Refinitiv.
Separately, the company said chief financial officer Sidney Huang would retire in September and will be replaced by JD Retail's finance chief, Sandy Xu.
Slowing Growth
Internet companies like JD.com and bigger rival Alibaba Group Holding Ltd have been looking to diversify their businesses to offset any impact from slowing growth in domestic e-commerce business.
JD is a new entrant to businesses such as convenience stores and supermarkets and has also been investing in AI to improve its logistics and advertising capabilities.
The company expects revenue for the first quarter to grow at least 10% from a year earlier. The forecast reflects the company's current expectations, which is subject to change in light of uncertainties related to how the coronavirus outbreak develops.
Sales from its product segment, which includes online retail sales, surged about 25% to 149.71 billion yuan (€19.3 billion).
Excluding items, the company earned 0.54 yuan per American depositary share, above analysts' average estimate of 0.44 yuan.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
