The first quarter revenue generated by e-commerce giant JD.com surpassed Wall Street estimates amidst China’s e-commerce boom following COVID-19, reported the South China Morning Post.
As the pandemic pushed people towards online shopping, JD.com and its rivals, Pinduoduo and Alibaba Group Holding, experienced double-digit sales growth. JD.com’s net revenue increased 39% to RMB 203.2 billion ($31.5 billion) in the first quarter, beating analysts’ estimates of RMB 191.83 billion.
Popular international companies and luxury fashion brands have launched flagship stores on JD.com, which has been met with high demand during the pandemic. In addition, annual active customer accounts increased 29% from the previous year.