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“China’s $89 billion e-commerce giant JD.com posts slowest quarterly growth on record”

“JD.com beat top and bottom line expectations in the second quarter, but posted its slowest year-on-year revenue growth on record, becoming the latest victim of a Covid-induced economic slowdown [Lockdowns] in China…

Here’s how JD.com did in the second quarter, versus Refinitiv consensus estimates: 

  • Revenue: 267.6 billion Chinese yuan ($40 billion) vs 262.3 billion yuan expected, a 5.4% year-on-year rise.
  • Net profit attributable to ordinary shareholders: 4.4 billion Chinese yuan vs. 1.36 billion yuan profit expected.

JD shares were up more than 4% in U.S. pre-market trade.

During the April to June quarter, China saw a resurgence of Covid-19 that led to lockdowns of major cities across the country, including the financial powerhouse of Shanghai…”

https://www.cnbc.com/2022/08/23/jdcom-earnings-q2-chinese-e-commerce-giant-slowest-growth-on-record.html

China is still enforcing lockdowns. It’s crushing their economy. Their system will collapse if they keep it up for to long.

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