JD.com Inc (NASDAQ:JD) shares are trading higher Tuesday after the company reported better-than-expected financial results.
JD said second-quarter revenue increased 5.4% year-over-year to RMB267.6 billion ($40 billion), which beat average analyst estimates of $38.63 billion, according to Benzinga Pro. Product revenues jumped 2.9% year-over-year, while service revenues increased by 21.9%.
The Chinese e-commerce company reported quarterly adjusted earnings of 61 cents per share, which beat average analyst estimates of 40 cents per share.
JD said it ended the quarter with $30.9 billion in cash and equivalents.
“JD.com’s resilient business model, industry-leading supply chain capabilities and efficient operations helped us deliver solid quarterly results amidst ongoing challenges in the external environment,” said Lei Xu, CEO of JD.com.
JD.com is China’s second-largest e-commerce company after Alibaba Group Holding Ltd (NYSE:BABA) in terms of gross merchandise volume. The company has opened its technology and infrastructure to partners as part of its Retail-as-a-Service offering to help drive productivity and innovation across a range of industries.
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JD Price Action: JD has a 52-week high of $81.24 and a 52-week low of $41.56.
The stock was up 2.84% at $56.89 at press time, according to Benzinga Pro.
Photo: Daniel Cukier from Pixabay.
