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The
company, Alibaba Group Holding Ltd's main rival in online
shopping, said on Wednesday revenue for the quarter rose 42
percent to 65.2 billion yuan ($9.83 billion), within JD.com's
forecast range of 64.2-66.2 billion yuan.
But the company is predicting an even sharper decline in growth
for the third quarter, compounding concerns that China's
e-commerce sector is saturating. JD.com's revenue from
Amazon-like online direct sales rose 40 percent in the quarter,
versus a 67 percent jump in sales from services and other
businesses.JD.com now expects revenues for the third quarter to
be 59-61 billion yuan, a rise of 34-38 percent from the same
quarter in 2015.
Net losses were 132.1 million yuan ($19.92 million), compared to
a loss of 510.4 million yuan in the previous year. The total
value of merchandise transactions on JD.com's platforms was
108.7 billion yuan in the quarter, up 47 percent excluding
online marketplace Paipai.com, which JD.com shut down.
Including Paipai's previous contribution to transactions for the
previous year in the comparison, the second quarter's growth
rate for value of merchandise sold would be 40 percent,
according to Reuters calculations.
The company also gave an update on its share repurchase program
it authorized in September, saying it had purchased 2.4 million
ADSs for about $51.5 million. It has also entered into a
structured repurchase agreement to lower the cost of acquiring
shares. (http://ir.jd.com/phoenix.zhtml?c=253315&p=irol-newsArticle&ID=2194506)
JD.com shares were up around 3 percent at $23.10 in pre-market
trading in New York, but well below the $29.53 price at the
beginning of the year.
(Reporting by Paul Carsten; Editing by Muralikumar Anantharaman
and Louise Heavens)
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