China's JD.com reports quarterly revenue beating estimation

China's JD.com Inc beat analysts' estimates for quarterly revenue on Monday, as more customers used its online platform to shop for groceries and other essentials in the face of the COVID-19 pandemic.

Analysts were expecting revenue of 190.95 billion yuan (27.52 U.S. dollars), according to IBES data from Refinitiv.

U.S.-listed shares of the company rose more than two percent in trading before the bell.

The results come amid growing tensions between Beijing and Washington, which is pushing for tough scrutiny of Chinese stocks listed on U.S. exchanges.

Net product revenue, which includes online retail sales, rose 33.5 percent to 178.19 billion yuan.

Net income attributable to shareholders rose to 16.45 billion yuan from 618.8 million yuan a year earlier.

The company’s total net revenue rose 33.8 percent to 201.1 billion yuan (28.98 billion U.S. dollars) in the second quarter ended June 30, which also marks JD.com as having quarterly revenue in excess of 200 billion yuan for the first time.

(With input from Reuters)

(Cover via CFP)