China-based JD.com saw an upswing in net revenues for the first quarter of 2022 on the back of “robust supply chain capabilities” and tech-driven operating efficiencies.
Photo credit: Flickr / Daniel Cukier
The ecommerce major’s net revenues landed at US$37.8 billion for the reported quarter, an 18% jump compared to the same period a year ago. Its core JD Retail business contributed the most, pitching in US$34.3 billion in revenue.
Cost of revenues for the company saw a similar trajectory, increasing by 18.5% year-on-year to US$32.5 billion this quarter compared to US$25.7 billion in Q1 2021.
However, JD.com logged a net loss attributable to ordinary shareholders of US$472 million, swinging from a net income of US$535.5 million during the same year-ago quarter.
Income from operations, meanwhile, saw a year-on-year increase to about US$380 million from roughly US$246 million in the same quarter in 2021. The climb comes on the back of stronger performances from both its JD Retail and JD Logistics businesses.
In April, the ecommerce firm appointed Lei Xu as its new CEO. Xu joined JD.com in 2009 and has held many roles in the company, most recently serving as its president.
See also: Alibaba U-turns on Jack Ma’s prophecy
Editing by Lorenzo Kyle Subido
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