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Corporate Credit Risk Trends in Developing Markets: A Probability of Default Perspective Q2'19 earnings smash Street estimates Inc. on Aug. 13 posted second-quarter results that far surpassed analysts' estimates on the back of its anniversary shopping festival in June.

For the three months ended June 30, the Chinese e-commerce retailer's adjusted diluted earnings per American depositary share was 2.30 yuan, up from 33 fen in the year-ago period and well above the S&P Global Market Intelligence mean consensus estimate for normalized EPS of 54 fen.

Net revenue was 150.28 billion yuan for the quarter, up 22.9% year over year from 122.29 billion yuan and ahead of the Market Intelligence consensus estimate of 147.44 billion yuan. The Beijing-based company surpassed its revenue target of 145 billion yuan to 150 billion yuan, or a year-over-year increase of between 19% and 23%.

"Highlighted by our successful June 18 anniversary sales event, JD's strong performance in the second quarter further demonstrated the resilience of our superior business model in a highly competitive industry," Richard Liu, chairman and CEO of, said in a statement.

The online retailer said its annual active users reached 321.3 million in the 12 months ended June 30, compared to 310.5 million in the 12 months to March 31. cut its net fulfillment expenses, which decreased as a percentage of net revenues to 6.1% in the second quarter of 2019, compared to 6.7% in the same period last year. It replaced the base salary of its deliverymen with a commission-based scheme in April.

" delivered robust growth in the second quarter across our key metrics of revenue, profitability, cash flow and customer base," said CFO Sidney Huang in a statement. "Our economies of scale and innovative technologies are driving operating efficiency and further strengthening our business model. Looking ahead, we will continue to invest in user experience and our talented workforce to further grow the business and create value for all of our stakeholders," Huang said.

The company said it projected net revenue in the third quarter ending Sept. 30 to be between 126 billion yuan and 130 billion yuan, a 20% to 24% increase compared to the prior-year period.

In premarket trading on Nasdaq on Aug. 13,'s shares were indicated to open up $2.09, or 7.9%, at $29.25.

As of Aug. 12, US$1 was equivalent to 7.06 yuan.