The company experienced an increase in revenue but a net loss, with COVID-19 remaining as a major concern.
JD.com (JD:NASDAQ; 9618:HK) booked net revenue of CNY 239 billion (USD 37.8 billion), up 18% year-over-year, according to its first quarter results published on May 17.
The firm reported a net loss attributable to shareholders of CNY 3 billion, a poor performance compared to a net profit of CNY 3.6 billion in the same period last year. And the performance may continue to suffer due to the retailer’s restricted fulfilment, stated JD.com.
Currently, JD Retail and JD Logistics (2618:HK) are still the primary sources of revenue for the company. However, only the retail sector has a positive operating profit, while the logistics business along with the local online grocer - Dada (DADA:NASDAQ) - are all in the red.
Previously, JD.com completed the investment in Dada, following which the e-commerce firm will own about 52% of Dada and consolidate the financial results of Dada into its consolidated financial statements.
In terms of the logistics business, it achieved total income of CNY 27.4 billion, up 22% year-over-year. The quarterly report highlighted its expansion through the integrated supply chain solution, resulting in a leap in both the number of customers and the level of user stickiness.
JD.com shares closed 4.15% higher to USD 53.67 apiece today, with a market cap of USD 83.8 billion.