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What happened
Actions of JD.com (NASDAQ: JD) They were winning today after China’s largest direct online retailer posted extraordinary results during Singles’ Day, the unofficial November 11 holiday that is China’s largest shopping event.
As of 11:44 a.m. EST on Thursday, JD shares were up 6%.
Image source: JD.com.
And that
Singles’ Day, when the Chinese give away the country’s bachelors and bachelors, dwarfs any comparable American shopping holiday, including Amazon Prime Day, Black Friday or Cyber Monday. At its 11-day sales event, which began earlier in the month, JD reported a record $ 41.1 billion in gross merchandise volume, which is roughly what Amazon does on average. month.
Sales doubled, or even tripled, in several key categories, including gaming laptops and phones, smartwatches, pet products, fresh produce, high-end beauty products, and luxury goods. As a sign of its logistics prowess, JD also delivered 93% of first-person orders in just one day.
The strong performance showed JD has not lost the momentum it gained during the pandemic in areas such as groceries and healthcare, where the company saw an increase in orders for flu shots and orders for pharmacy delivery.
Now what
JD was one of several Chinese e-commerce companies, including Alibaba, to report strong Singles Day figures, showing that e-commerce demand remains high even as the pandemic has subsided in China.
JD has already been a big winner this year with the shares up 150% to date, and the Singles Day results bode well for the company’s third-quarter report, due out on November 16. Analysts anticipate 33.5%. sales increase to $ 25.7 billion and earnings per share increase from $ 0.29 to $ 0.40. JD has easily beat estimates recently, so don’t be surprised if he does it again next week.
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