JD.com has announced a jump in 25.5 per cent in quarterly revenues, just after it recorded a record Singles’ Day haul.
The Chinese ecommerce giant has enjoyed the benefits of the pandemic-fuelled online shopping boom, and continue to do so as demand stays at high levels as a result of widespread outbreaks of the contagious Delta and other variants globally.
The results come despite China’s regulatory clampdown on the country’s Big Tech giants that has disrupted the ecommerce, ride-hailing and gaming sectors.
The company’s net loss attributable to ordinary shareholders was 2.81 billion yuan, from a profit of 7.56 billion yuan, a year earlier.
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JD’s net revenue climbed to 218.7 billion yuan ($34.27 billion) in Q3.
JD also smashed its previous Singles’ Day sales total with a $48.7 billion haul.
The figure released by the Chinese ecommerce giant refers to the transaction volume, which is the amount of money that is transaction across its platforms and doesn’t translate into revenue for the company.
It also doesn’t reflect returned items.
However, it still gives scope to the sheer appetite for online shopping during the major event in China that eclipses western holidays Black Friday and Cyber Monday in the US when it comes to sales.
This year’s total transaction volume beat last year’s 271.5 billion yuan ($42.4 billion).
The news comes at the same time as president Xi Jinping’s call for some of the country’s largest companies to contribute to his vision of “common prosperity”.