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ovenerio
Omar Venerio
Articles (913) 

JD.com Jumps on Strong Sales

Chinese e-commerce company beats expectations

Wall Street was down in Monday premarket trading, continuing the losses from last week, but rose into the green after the market opened.

Shares of Chinese e-commerce company JD.com Inc. (NASDAQ:JD) jumped more than 7% in premarket trading after reporting financial results for the third quarter. The company posted a net profit of 1 billion yuan ($151 million), beating estimates of a 21 million yuan loss. Revenue of 83.8 billion yuan beat expectations of 83.6 billion yuan and increased 37.9% year over year.

Gross profit for the period was 13 billion yuan, inching up more than half from the comparable quarter of 2016. Further, non-GAAP gross profit was 12.8 billion yuan.

“We are achieving our mission of bringing China’s consumers the widest selection of top brands and, by far, the highest quality e-commerce experience,” Chairman and CEO Richard Liu said. 

Moveover, Chief Fincanical Officer Sidney Huang said the company is “very encouraged to see another quarter of solid top-line growth with record profitability."

Gainers

Losers

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Global markets

The main European stock markets traded lower. The U.K.'s FTSE 100 lost 0.24%, Germany's DAX fell 0.40%, France's CAC 40 declined 0.73% and Spain's IBEX slipped 0.42%.

In Asia, Japan's Nikkei 225 slid 1.32% and India’s BSE Sensex declined 0.84%, while China's SSE Composite gained 0.44% and Hong Kong's Hang Seng inched up 0.21%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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