China’s second-largest e-commerce company JD.com reported a 23% growth in revenue despite a drop in consumption and increasing competition in the market, reports Bloomberg.
Sales climbed to RMB 275.9 billion ($43.6 billion) during the December quarter, compared with the RMB 274.9 billion average of analyst forecasts. It reported a net loss of RMB 5.2 billion, versus a projected loss of RMB 80.5 million.
JD and larger rival Alibaba are feeling the heat from macroeconomic headwinds as well as emergent competitors such as social media platforms. Last month, Alibaba reported its slowest quarterly growth in revenue since its 2014 listing. JD in recent months has already been under pressure after Tencent announced it plans to distribute the majority of its JD shares as a one-time dividend, a surprising retreat by a long-time backer.