What’s new: China’s e-commerce giant JD.com’s shares surged Monday in New York after it reported second-quarter earnings that beat estimates.
The company posted net income from operations of $700 million, more than double from the $332 million reported a year ago. Revenue grew 30% to $28.5 billion.
Adjusted earnings were 50 cents a share, beating Wall Street’s estimate of 39 cents. Revenue also beat analysts’ expectation of $27.4 billion.
JD.com stock jumped nearly 8% to $66.98 on the Nasdaq stock exchange.
The company ended the quarter with 417.4 million annual active customers, up 30% from the year-earlier. Mobile daily active users grew 40%.
The background: JD.com competes mainly against Alibaba Group, which will report quarterly results before the market opens Thursday.
In June, the Nasdaq-listed Chinese company completed a $3.87 billion secondary listing in Hong Kong by selling 133 million new Class A ordinary shares at HK$226 ($29) a share.
Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com)
