By Hong Kong Newsroom
HONG KONG (Nov 13) -- China's largest ecommerce company by revenue, JD.com, Inc., on Monday said it swung to a net profit in the third quarter, thanks to higher online direct sales.
For the quarter ended Sep. 30, the company recorded net profit of 1.01 billion yuan ($152.68 million) as compared to a net loss of 921.59 million yuan year ago, the company said in a statement. Revenue was up 39.2% on-year to 83.75 billion yuan.
Net revenues from online direct sales increased by 38.5%, while net revenues from services and others increased by 46.2% in the third quarter of 2017, it said.
Net revenues for the fourth quarter of 2017 are expected to be between 107 billion yuan and 110 billion yuan, representing a growth rate between 35% and 39% compared with the fourth quarter of 2016, excluding the impact from JD finance for both 2017 and 2016 periods, it added.
During the "Singles Day", a one-day shopping event held on Nov. 11, JD.com's transaction volume hit $19.1 billion, up 50% on year, it said in a statement Sunday. It began the sale on Nov. 1 in order to reduce delivery bottlenecks and give users a chance to spend more time online to make purchasing decisions.
"Looking ahead, we will continue to prioritize investments in technology and leading R&D talent as we execute on our vision to revolutionize China's retail industry," its Chief Financial Officer, Sidney Huang said.
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