China’s second-largest e-commerce company JD.com (NASDAQ: JD) on Monday reported better-than-expected financial results for the quarter ended September 30, 2017, sending the stock up over 5 percent.
JD said that total sales for Singles’ Day promotion reached 127 billion yuan, or $19 billion, during the first 11 days of November, up 50 percent from a year earlier.
The company said net profit was 1.01 billion yuan ($151 million) in the quarter ended September, beating analysts’ estimates of a 213 million yuan loss.
Revenue rose 37.9 percent to 83.8 billion yuan ($12.6 billion) in the quarter, also beating analysts’ projection of 83.6 billion yuan.
“We are achieving our mission of bringing China’s consumers the widest selection of top brands and, by far, the highest quality e-commerce experience,” said Richard Liu, Chairman and CEO of JD.com (JD). “We are also building robust product content and enhancing user engagement, as our innovative tools enable brands to execute highly targeted online marketing programs. We look forward to helping more and more merchants and partners leverage JD’s leading open infrastructure to drive efficiency and grow sales.”
In October, JD and Tencent expanded their partnership with the launch of the JD-Tencent Retail Marketing Solution, a move that will help the company better compete with Alibaba Group Holding Ltd, the largest e-commerce company in China.
JD shares rose 5 percent to $41.97 in the early trading in New York. The stock has gained over 64 percent this year.