JD.com posted a 25% upswing in revenue for the third quarter of 2021 on the back of robust performance in its retail, logistics, property, and social commerce businesses.
The Chinese ecommerce firm’s quarterly net revenue climbed to 218.7 billion yuan (around US$34 billion) from the 174.2 billion yuan (around US$26 billion) it had posted last year.
However, the firm’s quarterly income from operations dropped 40% to 2.6 billion yuan (around US$399 million) from 4.4 billion yuan (around US$646 million) a year earlier. Its bottom line took a hit from a spike in its cost of revenues and spending on fulfilment, marketing, as well as general and administrative expenses.
JD.com swung to a 3.3 billion yuan (around US$507 million) net loss in the quarter from a 7.6 billion yuan (around US$1.1 billion) net profit last year. This was mainly because of a decline in the value of the ecommerce firm’s investments, the company said in a statement.
See also: China’s link-blocking ban: panacea or Pandora’s box?
The firm’s logistics arm posted a 43% growth in revenue, which stood at US$4 billion for the quarter. As of the end of the quarter, the unit operated around 1,300 warehouses that occupied 23 million square meters in total. On the other hand, JD Retail posted a 23% growth during the quarter to add US$30.7 billion to the group’s topline.
The company stated that its annual active customer base grew 25% to 552.2 million users, up from 441.6 million users last year.
Currency converted from Chinese yuan to US dollar: US$1 = 6.39 yuan
Editing by Samreen Ahmad and Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
