JD saw total revenue increase by 9.9% to slightly over RMB 1 trillion in 2022 · TechNode

On Thursday, Chinese e-commerce giant JD announced a net revenue of RMB 295.4 billion ($42.8 billion) for the fourth quarter of 2022, representing a 7.1% increase, slightly above the average estimate of 22 Yahoo analysts. The company posted a profit of RMB 3 billion during this period, under strict cost-cutting measures, compared to an RMB 5.2 billion net loss last year. JD’s total revenue surpassed the RMB 1 trillion mark in 2022, reaching RMB 1.05 trillion, indicating a 9.9% increase. The net profit for the full year was RMB 10.4 billion. JD’s gross merchandise value (GMV) increased by 5.6% to RMB 3.48 trillion in 2022, which was below the company’s full-year revenue growth rate of 9.9%. In comparison, its GMV grew 26.2% in 2021. JD Retail, JD Logistics, and Dada all experienced revenue growth in 2022, increasing by 7.3%, 31.2%, and 36%, respectively. However, revenue from its new businesses, mainly JD Property, Jingxi, and overseas businesses, slumped by 16.4%. JD aims to restore its low-price reputation this year through a RMB 10 billion subsidy program launched on March 6, which the firm’s CEO Xu Lei said has already generated fruitful results. JD’s CFO added that the discounts will have a limited impact on the firm’s gross margin. [JD]


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