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ovenerio
Omar Venerio
Articles (1298) 

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 a 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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