Chinese e-commerce giant JD.com reported a decline in second-quarter revenue, but still exceeded analyst expectations as a longer promotional period for its annual 618 shopping festival helped support sales.
Revenue fell 2.9% to 346.4 billion yuan ($51.37 billion) in the quarter ended June, slightly above the 344.6 billion yuan analysts had expected.
The result marked JD.com’s first quarterly revenue decline in more than a decade, reflecting continued pressure on Chinese consumer spending amid weak confidence, concerns over employment and the prolonged downturn in the country’s property sector.
JD.com extended this year’s 618 shopping festival, giving retailers and brands more time to attract consumers through discounts and promotional campaigns.
Despite weaker revenue, quarterly net profit increased to 7.1 billion yuan, up from 6.2 billion yuan a year earlier. U.S.-listed shares of the company fell around 2% in premarket trading following the results.
