JD.com, a Chinese e-commerce company, has beaten quarterly revenue estimates. The company reported a 2.9% decline in total revenue to 346.4 billion yuan ($51.37 billion) in the second quarter ended June, compared with analysts’ average estimate of 344.6 billion yuan.
The annual mid-year shopping event, marking JD.com’s founding on June 18, 1998, ran for more days than the previous year, giving retailers and brands extra time to compete for spending through deep discounts and promotional campaigns.
China’s online retail sector also received a boost from government subsidies to support expensive buys amid concerns about job security and weak consumer confidence stemming from the country’s years-long property sector downturn.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
