BEIJING: JD.com Inc, China’s second largest e-commerce firm, said third-quarter revenues rose 52 percent from a year ago, in line with expectations on Monday, as user numbers and orders grew at a rapid clip.
However, the results mark JD.com’s first quarter-on-quarter decline in revenue and its slowest annual growth rate in at least two-and-a-half years.
JD.com said revenues for the three months ended September were 44.1 billion yuan ($6.9 billion), versus an expected 44.29 billion yuan, according to Thomson Reuters I/B/E/S.
JD.com in August forecast third-quarter revenues of 43.2-44.7 billion yuan, and warned the results could be hurt by the impact of China’s economic slowdown on online consumer spending.
Its net loss widened to 530.8 million yuan, more than three times bigger than its loss in the same quarter a year ago as costs increased for its main business of selling its own stock of goods to customers. Ballooning marketing expenses also took their toll.
