THE WHAT? JD.com has announced its results for the first quarter of fiscal 2021. The Chinese e-commerce behemoth saw net revenue soar 39 percent versus the prior year period, to RMB203.2 billion.
THE DETAILS Net service revenues are playing an increasing role in the company’s growth, JD.com said, rising an impressive 73.1 percent from the first quarter of 2020, hitting RMB27.9 billion.
“As our strong growth momentum from last year continued into the first quarter of 2021, we are also encouraged by the diversification of our revenue streams with an increasing contribution from service revenues.” said Sandy Xu, Chief Financial Officer of JD.com. “JD Retail’s operating margin further expanded during the quarter, as we continue to drive stronger operating leverage through technology and innovation.”
Income from operations was RMB1.7 billion versus RMB2.3 billion for the same period last year and non-GAAP income from operations was RMB3.5 billion, compared to RMB3.3 billion in the prior year period.
THE WHY? Richard Liu, Chairman and Chief Executive Officer of JD.com, commented. “As we mark JD.com’s 18th anniversary, we are pleased to deliver another strong quarter of growth to kick off 2021. Since our establishment, JD’s focus on customers has set us apart and today we are proud that 500 million active users rely on JD’s broad selection of quality products and best-in-class customer services to support every aspect of their lives. JD is also increasingly the partner of choice for millions of businesses who benefit from our advanced supply-chain infrastructure to reduce costs and boost operating efficiency.”