JD.com, a major Chinese e-commerce company, reported second-quarter total revenue of 346.4 billion yuan, down 2.9 percent from a year earlier, marking its first year-on-year quarterly revenue decline in more than ten years. The result underscored how difficult it is for consumer spending to recover amid falling consumer confidence caused by job insecurity and a sluggish property sector. Net profit rose to 7.1 billion yuan from 6.2 billion yuan a year earlier, while non-GAAP net profit increased 20 percent year on year to 8.9 billion yuan. CEO Xu Ran said the second quarter was challenging due to a high comparison base from the previous year and soaring raw material costs, but momentum recovered in June and revenue is expected to grow in the second half of the year.
Jd Com IncFirst revenue decline in over a decade due to weak consumer spending and high base, though profit rose and H2 improvement expected.
