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JD.com reported solid second-quarter results, but the macro picture is weighing on investors.
Kevin Frayer/Getty Images
JD.com
smashed earnings expectations but the e-commerce giant’s stock was tumbling on Wednesday, a reflection of gloom across Chinese markets amid worries over a slowdown in the world’s second-largest economy.
JD.com
(ticker: JD) reported per-share earnings of 5.39 Chinese yuan (74 cents) on revenue of 287.9 billion yuan ($39.5 billion) in the second quarter, beating expectations among analysts surveyed by FactSet of per-share profit of 4.95 yuan on revenue of $280 billion yuan.
“We reported a solid performance for the second quarter both financially and operationally,” said Sandy Xu, JD.com’s CEO. “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. ”
U.S.-listed shares of JD.com fell 4.3% in premarket trading. Chinese equities were a sea of red on Wednesday, with shares in e-commerce peer
Alibaba
(BABA) down 1.8%.
Write to Jack Denton at [email protected]
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