JD.com Beats On Q1 Revenue, Clocks 500M Annual Active Customer Accounts But Sacrifices Margins

Ecommerce, Selling Online, Online Sales, E-Commerce

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JD.com Inc (NASDAQ: JDreported first-quarter FY21 net revenue growth of 39% year-on-year to $31 billion (RMB203.2 billion), beating the analyst consensus of $29.67 billion.

Net product revenues rose 34.7% to $26.8 billion (RMB175.3 billion) from higher Electronics and home appliances revenues and General merchandise revenues. Net service revenues rose 73.1% Y/Y to $4.3 billion (RMB27.9 billion) from higher Marketplace and marketing revenues and Logistics and other service revenues.

JD Retail revenue rose 35.3% Y/Y to $28.4 million, JD Logistics increased 64.1% Y/Y to $3.4 billion, and New businesses revenue rose 55.7% Y/Y to $786.7 million. Annual active customer accounts rose 29% Y/Y to 499.8 million.

Non-GAAP income from operations rose 6.1% Y/Y to $0.5 billion (RMB3.5 billion). JD Retail operating margin expanded 30 basis points to 4%. Non-GAAP operating margin contracted 50 basis points to 1.7%. Non-GAAP net income rose 33.3% Y/Y to $0.6 billion (RMB4.0 billion). The margin remained stable at 2%. Non-GAAP EPS of $0.38 was at par with the consensus. Non-GAAP EBITDA rose 8.9% Y/Y to $0.8 billion (RMB4.9 billion). The margin contracted 70 basis points to 2.4%. 

JD.com used $1.15 billion in operating cash flow and held $21.2 billion (RMB138.8 billion) in cash and equivalents.

Price action: JD shares traded lower by 2.34% at $68.11 in the premarket session on the last check Wednesday.

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