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Chinese giant JD.com announces 20% increase in revenue

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E-commerce was the perfect business to do in China during the lockdown.

Posted on May 19 ,12:07

Chinese giant JD.com announces 20% increase in revenue

E-commerce giant JD.com announced a 20.7% increase in revenue for the first quarter of the year, a period when several major cities in China were lockdown due to the COVID-19 outbreak. "JD’s resilient business model helped drive solid top and bottom-line results for the quarter that exceeded our expectations,” said Sidney Huang, Chief Financial Officer of JD.com, quoted by IGD Asia.
Sales of chicken meat and eggs were among the operations to support this result, increasing by 301%, according to the data presented by the company. There were also significant key performance indicators increases for the company. Net revenues totaled CNY146.2 bn (US$120.6 bn), marking an increase of 20.7% year on year, while net service revenues reached CNY16.1 bn (US$2.3 billion), showing a growth of 29.6% year on year.
"We are proud that JD.com has been able to remain fully operational throughout the COVID-19 outbreak, and our employees are proud of the contributions JD continues to make towards building a more productive and sustainable society. Strong user growth during the first quarter reflects consumers’ increasing reliance on JD.com to support every aspect of their lives, and confidence in our commitment to providing a broad selection of quality products and best-in-class services," stated Richard Liu, Chairman and Chief Executive Officer of JD.com.
Ar the same time, through its retail department the company adopted some measures to support local farmers who had been impacted by the outbreak, including launching themed live streaming events and high-traffic “lightening sales channels” to reach new consumers.

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