Shares of Chinese e-commerce giant, JD.com (NASDAQ: JD) were on an upswing in pre-market trading at the time of publishing on Thursday after the company reported an adjusted diluted net income of $0.69 or RMB4.76 per ADS in Q1 that exceeded consensus estimates of $0.51 per ADS.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The company posted net revenues for the first quarter of RMB243 billion ($35.4 billion), an increase of 1.4% year-over-year versus analysts’ estimates of $34.76 billion.
Sandy Xu, CFO of JD.com commented, “During the first quarter, we were pleased to see service revenues grow to account for 20% of our total revenues, helping deliver strong margins and reflecting our success in attracting a record number of third-party merchants to the JD.com platform. We also see more encouraging trends in Q2, both financially and operationally, as we push forward our proactive adjustment.”
In addition, the company announced management changes as Sandy Xu, the current CFO of JD.com, has been appointed as the CEO and an executive director of the company and will succeed Lei Xu. Lei Xu is leaving the company due to personal reasons. Ian Su Shan, the current CFO of JD Logistics, will be the new CFO of the company.
Analysts remain bullish about JD.com with a Strong Buy consensus rating based on 13 Buys and four Holds.
