Aug 13 (Reuters) – JD.com beat quarterly revenue estimates on Thursday, helped by a longer sales period for the annual 618 shopping festival, one of China’s largest online retail events.
This year’s annual mid-year shopping event, marking JD.com’s founding on June 18, 1998, ran for more days than the previous year, giving retailers and brands extra time to compete for spending through deep discounts and promotional campaigns.
China’s online retail sector also received a boost from government subsidies to support expensive buys amid concerns about job security and weak consumer confidence stemming from the country’s years-long property sector downturn.
However, Beijing has sought to curb a race to the bottom that has embroiled some e-commerce juggernauts in a bruising price war.
JD.com reported a 2.9% decline in total revenue to 346.4 billion yuan ($51.37 billion) in the second quarter ended June, compared with analysts’ average estimate of 344.6 billion yuan, according to data compiled by LSEG.
($1 = 6.7431 Chinese yuan renminbi)
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Pooja Desai)
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