JD.com posts first quarterly loss in more than three years

JD.com Inc (NASDAQ:JD) has reported its archetypal quarterly nonaccomplishment since aboriginal 2022, arsenic the Beijing-based e-commerce elephantine faced continued unit from an assertive food-delivery subsidy warfare successful China.

The institution posted a 4th fourth nett nonaccomplishment of 2.71 cardinal yuan (US$392.9 million), compared with nett income of 9.85 cardinal yuan a twelvemonth earlier. Analysts had expected a smaller nonaccomplishment of 203.6 cardinal yuan.

On a non-GAAP basis, adjusted nett net fell to 1.08 cardinal yuan from 11.29 cardinal yuan successful the aforesaid play of 2024.

JD.com attributed portion of the diminution to the highly competitory food-delivery sector, wherever it has been competing with Meituan and Alibaba Group since entering the marketplace successful aboriginal 2025. The subsidy-driven terms warfare has raised concerns implicit bladed margins and near-term profitability.

Despite the quarterly loss, JD.com’s gross continued to grow. Net revenues for the 4th fourth reached 352.3 cardinal yuan (US$150.4 billion), up 1.5% from a twelvemonth earlier, portion full-year revenues roseate 13% to 1,309.1 cardinal yuan (US$187.2 billion). Full-year nett income attributable to shareholders declined to 19.6 cardinal yuan (US$2.8 billion) from 41.4 cardinal yuan the erstwhile year.

JD Retail, the company’s halfway business, remained mostly resilient, reporting operating income of 9.8 cardinal yuan (US$1.4 billion) for the quarter, with a borderline of 3.2%, astir unchanged from the erstwhile year. Full-year operating income for JD Retail roseate to 51.4 cardinal yuan (US$7.4 billion), with an improved borderline of 4.6%.

“We were pleased to adjacent retired 2025 with 4th fourth results successful enactment with expectations, capping different coagulated full-year performance,” JD.com CEO Sandy Xu said.

“Our halfway JD Retail concern remained resilient, achieving double-digit maturation successful some revenues and operating nett for the afloat twelvemonth contempt a highly competitory manufacture landscape. Our caller businesses progressed successful enactment with our strategical roadmap, with nutrient transportation steadily expanding successful standard portion narrowing sequential losses each 4th since its launch.”

US-listed shares of JD.com traded down 1.7% astatine astir $25 post-earnings.