JD.com Gains Most in Two Years After CEO Touts Consumer Recovery
- Sales rose a better-than-expected 3.6% in the fourth quarter
- JD is using discounts and cheaper products to drive business
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JD.com Inc.’s shares notched their biggest gain since 2022 after the e-commerce major reported a better-than-expected 3.6% revenue rise and predicted Beijing will drive a Chinese consumer recovery.
The online retailer reported sales of 306.1 billion yuan ($42.6 billion) from October to December, beating estimates by 2%. This year, policies to drive consumption should shore up confidence and prop up JD’s own business, Chief Executive Officer Sandy Xu said. Its shares rose more than 16% in New York, helped by the initiation of a $3 billion stock buyback program that matched a previous outlay.