JD.com, China’s Amazon-like ecommerce platform, surprised analysts yesterday by achieving its first profitable quarter since going public two years ago, helped by Chinese consumers using smartphones to shop.
In what the company called a “milestone” quarter, net profits made an unexpected about-turn by rising to Rmb239m ($35m) compared with a loss of Rmb910m in the first quarter of last year. Analysts polled by Bloomberg had forecast a Rmb851m loss.
Orders increased 39 per cent compared with the first quarter of last year. In particular, the proportion of orders placed through smartphones more than doubled to 81 per cent of total orders in the first three months of this year.
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