JD.com (NASDAQ:JD) watched its U.S.-listed shares lose ground Friday. The company’s earnings and revenue came above analysts’ estimates, according to Refinitv data. Meanwhile, it announced its current CEO Xu Lei, who has been the leader of the company for about one year, would step down in June.
Net revenues for the first quarter of 2023 were RMB243.0 billion (US$35.4 billion), an increase of 1.4% from the first quarter of 2022. Net service revenues for the first quarter of 2023 were RMB47.4 billion (US$6.9 billion), an increase of 34.5% from the first quarter of 2022.
Income from operations for the first quarter of 2023 was RMB6.4 billion (US$0.9 billion), compared to RMB2.4 billion for the same period last year. Non-GAAP income from operations was RMB7.9 billion (US$1.1 billion) for the first quarter of 2023, as compared to RMB4.7 billion for the first quarter of 2022. Operating margin of JD Retail before unallocated items for the first quarter of 2023 was 4.6%, compared to 3.6% for the first quarter of 2022.
Said Lei Xu, CEO of JD.com. “In the quarters ahead, we will further enhance our business structure in order to drive the expansion of our user base throughout China. JD.com has built China’s most trusted brand in retail, and is uniquely positioned to provide our loyal user base with the superior quality, value, speed and selection they have come to expect, while maintaining the flexibility to seize upon multiple growth opportunities across our businesses.”
JD opened Friday trade dipped $1.64, or 4.4%, to $35.99.
