JD.com, one of China’s leading e-commerce firms, posted a slight on-year rise in quarterly revenue Wednesday as fierce competition with its main rival Alibaba continues.
Total revenue in the three-month period ending September 30 rose to 247.7 billion yuan ($34.2 billion), the firm announced in a filing to the Hong Kong Stock Exchange, up 1.7 percent year-on-year.
The figure came in higher than an average analyst estimate of 246.6 billion yuan, according to Bloomberg.
Net income for JD.com during the same period reached 7.9 billion yuan, up from 6.0 billion in the third quarter of last year.
One of China’s largest retailers, JD.com’s fortunes were hit hard by heightened scrutiny of big tech by the state as well as a Covid-induced sales slump in recent years.
The Beijing-based firm has been engaged in an intense battle for market share in China’s vast e-commerce sector, which has faced sluggish demand this year despite efforts by authorities to boost activity in the world’s second-largest economy. (AFP)
