JD.com Inc (NASDAQ:JD) shares fell in early New York trade despite the Chinese e-commerce company reporting second-quarter results that were well ahead of expectations as it attracted more customers.
It attributed the growth to market-share gains in core categories of home appliances and consumer electronics, supported by its supply chain advantages. It said its supermarket category also made steady progress in what it described as a highly-competitive market.
Revenue for the three months to June 30, 2023, rose 7.6% to US$39.7 billion. Earnings per share of US$0.74, up 32%, beat analysts’ consensus of US$0.68 according to FactSet.
“We reported a solid performance for the second quarter both financially and operationally, thanks to JD.com's enhanced business structure and leading supply chain capabilities,” CEO Sandy Xu said in a statement.
“We are also encouraged to see the number of our marketplace merchants more than doubled and reached a new record during the quarter, reflecting our efforts to build a superior marketplace ecosystem, one of our priorities to provide customers with enriched supplies at better prices.”
JD.com's Nasdaq-listed shares were down 4.1% at $34.50 by mid-morning in New York.
Contact the author at stephen.gunnion@proactiveinvestors.com