Chinese e-commerce giantJD.com’s first-quarter sales jumped 20.7% from a year ago to RMB 146.2 billion ($20.6 billion) as the coronavirus pandemic forced more people to shop online, the company said on Friday, reported Caixin.
At the same time, net income plunged 85% to RMB 1.1 billion from RMB 7.3 billion a year ago, reflecting increased retailing costs and expansion of logistics services. Cost of revenues increased by 20.2% to RMB 123.7 billion for the first quarter of 2020, according to company’s financial report.
JD.com had 387.4 million annual active customer accounts as of March 31, up 25% from a year ago. Mobile daily active users increased by 46% year over year.
“JD’s resilient business model helped drive solid top- and bottom-line results for the quarter that exceeded our expectations,” said Sidney Huang, chief financial officer of JD.com. The company will continue to invest in technology and customer experience to support growth, Huang said.