Beijing (PingWest)- Chinese e-commerce company JD.com reported a 29% increase in third-quarter revenue as the company’s gross merchandise volume remained strong growth during the period, mainly driven by the fast recovery of China’s economy from Covid-19 lockdown.
JD’s strong performance provide more evidence that China’s economy is among the world’s fastest to recover from the pandemic, buoyed by tight medical control for the virus and a rebound in consumer sentiment.
The net revenue came in at CNY174.2 billion, representing a year-over-year increase of 29.2 percent from the same period last year.
The accelerated revenue and profit growth were attribute mainly by the Singles Day Shopping festival.
During the Singles Day period from Nov.1 to Nov.11, JD.com’s gross merchandise volume (GMV) increased 33% year on year to CNY 271.5 billion compared with Alibaba’s GMV figure of CNY498.2 billion for the same period.
The net income attributable to ordinary shareholders was CNY7.6 billion compared to CNY0.6 billion for the same period last year, while non-GAAP net income increased by 80.1 percent to CNY5.6 billion.
Sales in its product segment, which includes online retail sales, rose 27% to CNY151.4 billion in the quarter.
The number of the company’s annual active customers increased by 32.1% or 107.2 million to 441.6 million in the third quarter ending September 30, from 334.4 million in the same period last year.
The figure represents the highest growth rate in the past three years, according to Sandy Xu, chief financial officer of JD.com.
The 80% of new active customers added in the Q3 came from lower-tier cities.
Despite the growth, JD still lagged behind the Alibaba’s 757 million active users and Pinduduo’s 731 million for the period.