China's JD.com tops quarterly revenue estimates

JD.com beat quarterly revenue estimates on Thursday, helped by a longer sales period for the annual 618 shopping festival, one of China's largest online retail events.

This year's ‌annual ⁠mid-year shopping ⁠event, marking JD.com's founding on June ​18, 1998, ran for more days than the ​previous year, giving retailers and brands extra time to compete for spending ​through deep discounts and ⁠promotional campaigns.

China's ‌online retail sector also ​received ​a boost from government subsidies ⁠to support expensive buys amid concerns ​about job security and weak ​consumer confidence stemming from the country's years-long property sector downturn.


However, Beijing has sought to curb a race to the bottom that has embroiled ‌some e-commerce juggernauts in a bruising price war.

JD.com reported a ​2.9% decline ​in total ⁠revenue to 346.4 billion yuan ($51.37 billion) in the second quarter ended June, compared with ​analysts' average estimate of 344.6 billion yuan, according to data compiled by LSEG.