JD.com Inc (NASDAQ:JD) shares surged 12% after the China-based online retailer reported fourth-quarter earnings that were better than expected.
The company also unveiled plans for a $3 billion buyback.
Revenues of RMB306.1 billion (US$143.1bn) were up 3.6% in the final quarter of 2023, beating the average analyst forecast of RNB300 billion, per the Bloomberg consensus.
Sales were boosted by a widening of the product range and price cuts, the company said.
Operating income fell to RMB2.0 billion from RMB4.8 billion for the same period last year, with underlying earnings showing growth to RMB7.8 billion from RMB7.3 billion.