China's third-quarter revenue beat estimates


A sign of China's e-commerce company is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China on November 16, 2016. (Photo: Reuters) Inc, China’s second largest e-commerce firm, reported a 39.2 percent rise in third-quarter revenue on Monday, beating analyst estimates, as the firm attracted more shoppers.

The firm posted 83.75 billion yuan ($12.61 billion) in revenue for the quarter ended Sept. 30, compared with an average analyst estimate of 83.6 billion yuan, according to Thomson Reuters I/B/E/S.

JD posted earnings of 0.69 yuan per American depository share, compared with a loss of 0.64 yuan a year earlier, and said net revenues from online direct sales increased by 38.5 percent from a year prior to 76.47 billion yuan ($11.52 billion).

Sales volumes on Chinese e-commerce sites are seasonally slow in the third quarter as consumers save larger purchases for the annual November “Singles’ Day”, which finished this past Saturday and is the world’s largest online discount event.

JD said it booked $19 billion in sales during the event, which will be reflected in its fourth-quarter revenue.