“China’s $89 billion e-commerce giant JD.com posts slowest quarterly growth on record”
August 23, 2022
“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…”
China is still enforcing lockdowns. It’s crushing their economy. Their system will collapse if they keep it up for to long.