JD.com nearly triples quarterly profit on back of revived consumer spending
e-commerce giant
JD.com saw its December-quarter profit nearly triple from a year earlier on the back of increased consumer spending in the world's second-largest economy.
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Beijing -based company on Thursday reported a better-than-expected profit of 9.9 billion yuan (US$1.4 billion) in the fourth quarter, up from 3.4 billion yuan in the year-earlier period.
Revenue reached 347 billion yuan, up 13.4 per cent from 306 billion yuan a year ago.
JD.com's shared were up nearly 5 per cent in pre-market trading in the US. Its Hong Kong-listed shares rose 8.42 per cent to close at HK$179 on Thursday before the firm's latest financial results were released.
'Our top-line growth returned to double digits year-on-year, and the bottom line also achieved healthy expansion,' JD.com chief executive
Sandy Xu Ran said in a statement. 'In addition, most of our product categories as well as key metrics, such as our quarterly active users and shopping frequency, saw strong double-digit growth year-on-year in the fourth quarter.'
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For the full year, JD.com reported profit of 41.4 billion yuan, compared to 24.2 billion for 2023. Total 2024 revenue reached 1.159 trillion yuan, a 6.8 per cent increase from 1.085 trillion yuan a year earlier.
'We head into 2025 with more optimism, as consumption sentiment steadily picks up, and we continue to unlock high-quality growth potential with our strong execution of strategic priorities,' Xu said.
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