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JD.com Tops Q3 Earnings Forecast, Falls Short On Revenuesby MARTIN BACCARDAX
JD.com said diluted non-GAAP earnings for the three months ending in September came in at 50 cents per share, well ahead of the consensus forecast of 41 cents per share.
Group revenues rose 29.2% from last year to 174.2 billion yuan ($25.7 billion) and were just shy of the the Street consensus forecast of $25.75 billion.
Active customer accounts across its platform jumped 32.1% to 441.6 million over the 12 month period ending in September, JD.com said, while paid subscribers to its JD Plus membership program passed the
20 million mark. Gross merchandise volumes over its Double 11 sales event, the company said, rose 33% from last year amid a record haul for its larger rival Alibaba.
"And our consumer mindshare continues to expand with over
100 million new active users joining our platform compared to a year ago,” said CEO Richard Liu.
JD.com's U.S.-listed shares were marked 4.5% lower in early trading immediately following the earnings release to change hands at $87.80 each, a move that trims the stock' six-month gain to around 61%.
"Despite the weaker seasonality in 3Q20, the strong user growth (32% YoY) in 3Q20 indicates that the user growth momentum is likely to remain strong in the next 1-2 quarters," said Daiwa Capital Markets analyst John Choi.
"We note that
JD grew its GMV by 33% during Double 11, which is faster than 28% in 2019 and 26% in 2018 over the same period," he added. "
Source: The Street, Inc.
https://www.thestreet.com/investing/jd- ... n+Revenues
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