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China's JD.com posts higher third-quarter profit on easing supply chain woes

2023-11-15 17:57
(Reuters) -JD.com on Wednesday reported quarterly revenue below estimates, but posted a surge in profit as supply chain challenges eased.
China's JD.com posts higher third-quarter profit on easing supply chain woes

(Reuters) -JD.com on Wednesday reported quarterly revenue below estimates, but posted a surge in profit as supply chain challenges eased.

U.S.-listed shares of the Chinese ecommerce firm rose 5.6% in premarket trading.

"JD's record profitability for the quarter and healthy cash flow reflects our successful business evolvement and supply chain strengths," said Chief Financial Officer Ian Su Shan.

The company reported net revenue of 247.7 billion yuan ($34.19 billion) for the third quarter, missing analysts' average estimate of 249.26 billion yuan according to LSEG data.

It posted net income attributable to the company's shareholders of 7.94 billion yuan, compared with 5.96 billion yuan a year earlier.

($1 = 7.2446 Chinese yuan renminbi)

(Reporting by Arsheeya Bajwa and Akash Sriram in Bengaluru; Editing by Varun H K)