China’s JD.com beats revenue estimates as lockdowns drive online shopping

(Reuters) -E-commerce firm JD (NASDAQ:).com Inc posted an 11.4% rise in third-quarter revenue on Friday, beating analysts’ estimates as COVID-19 lockdowns in China led more consumers to shop online.

Chinese retail spending has sagged this year with consumers frustrated by the government’s strict “zero-COVID” policy that has led to frequent snap lockdowns and hurt economic activity.

Lockdowns have seriously disrupted transport, but JD.com’s focus on building its logistics network has helped it deal with the bottlenecks.

The company posted a 5.4% rise in revenue last quarter while rival Alibaba (NYSE:) saw flat year-on-year growth.

Revenue grew to 243.5 billion yuan ($34.21 billion) in the three months ended Sept. 30, compared with a Refinitiv consensus estimate from 22 analysts of 242.81 billion yuan.

Net income attributable to ordinary shareholders was 6 billion yuan, compared with a net loss of 2.8 billion yuan a year earlier.

Excluding one-off items, JD.com earned 6.27 yuan per American Depository Share.

($1 = 7.1176 renminbi)

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