(Reuters) -Chinese e-commerce giant JD.com exceeded market expectations for quarterly revenue on Thursday, as deep discounts and price cuts encouraged robust spending from consumers, driving up strong year-end sales.
U.S.-listed shares of the company rose more than 5% in premarket trading.
China’s e-commerce leaders such as JD.com and Alibaba have slashed prices on everything from toys to tech appliances to lure shoppers at a time when consumption in the world’s second-largest economy has slowed sharply.
The country’s government has also ramped up fiscal stimulus to bolster consumption amid an escalating trade war as U.S. President Donald Trump slaps fresh duties on Chinese goods.
JD.com reported total revenue of 346.99 billion yuan ($47.91 billion) for the fourth quarter, a 13.4% increase over the year earlier. Analysts were expecting revenue of 332.35 billion yuan, according to data compiled by LSEG.
Net income attributable to JD.com’s ordinary shareholders was 9.9 billion yuan for the quarter ended December 31, compared to 3.4 billion yuan a year earlier.
($1 = 7.2430 Chinese yuan renminbi)
(Reporting by Deborah Sophia in Bengaluru; Editing by Shilpi Majumdar)
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