JD, a major participant in the Chinese e-commerce sector, generated RMB 247.7 billion ($134.0 billion) in revenue for the three months to September, representing only a 1.7% year-on-year growth. Meanwhile, net income increased by 31.67% to RMB 7.9 billion in the period. JD Retail, the company’s key support business, experienced a decline in revenue growth to 0.06%, down from 4.85% in the previous quarter. However, JD’s chief financial officer anticipates a return to “normal growth rates” for both overall and retail business in 2024. On the same day, JD announced that CEO Sandy Xu will take over the role of chief executive of the retail sector from Xin Lijun, who is leaving due to another appointment. Despite a slow rebound in China’s consumption, JD executives highlighted that its core GMV achieved “high single-digit growth” in the third quarter, a figure surpassing the country’s total retail sales of consumer goods. [JD]
Related
