China's JD.com beats analyst estimates with 7.6% sales rise

E-commerce giant's stock price falls on wider China economic concerns

20230816N JD.com 618 sales poster

People wait for bus near a billboard of JD.com advertisement for the "618" shopping festival in Beijing.

MARRIAN ZHOU, Nikkei staff writer

NEW YORK -- Chinese e-commerce giant JD.com on Wednesday reported a year-on-year 7.6% rise in revenue to 287.9 billion yuan (around $39.6 billion) for the second quarter, exceeding analysts' expectations as the number of merchants using its marketplace more than doubled to a record high.

The average analyst revenue estimate surveyed by Refinitiv was 278.85 billion yuan. The online retailer's net profit rose 50% to 6.6 billion yuan.

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