JD.com posted first-quarter sales that soared from the year-ago level, although earnings declined over the same period.
The online retail company’s sales for the first quarter came in at $120.6 billion, which is +20.7% higher from the same quarter of 2019.
However, net income of 10 cents an American depositary receipt, was far below the 70 cents per ADR that it earned in the first quarter of 2019.
JD.com’s fulfillment expenses (which include procurement, warehousing, delivery, customer service and payment processing expenses) increased by +29% for the first quarter.
JD.com experienced a surge in consumer demand even amidst the coronavirus pandemic, as inactive and infrequent customers returned to the platform, according to the company. Annual active customer accounts climbed almost + 25% year-over-year to 387.4 million as of March 31. Mobile daily active users increased by +46% over the same period.