Online retail giant JD.com posted slower growth than expected for the first quarter of 2018, despite heavy investment in logistics and retail outlets, Caixin Global reports.
The company’s revenue grew 33% to RMB 100.1 billion ($15.7 billion) in Q1 – the slowest quarterly growth since going public on the NYSE in 2014. Adjusted earnings per share came up below market estimates of RMB 0.81 at RMB 0.71.
Net income for the quarter increased to RMB 1.52 billion.
JD is China’s second-largest online retailer, operating 515 warehouses nationwide as of April. Finding itself in an increasingly competitive industry, JD has funnelled billions of yuan into logistics infrastructure and plans to open over 1 million brick-and-mortar convenience stores across China within five years.