JD reports big upswing in revenue

Chinese e-commerce giant JD reported its net revenues for the first quarter of this year reached 146.2 billion ($20.6 billion), an increase of 20.7 percent compared with the same period last year, with annual active customer accounts rising 24.8 percent to 387.4 million in the twelve months ending March 31, 2020.

Its mobile daily active users in March 2020 increased 46 percent year-on-year. Research and development expenses increased to 3.9 billion yuan for the first quarter this year, up from 3.7 billion yuan the previous year.

Liu Qiangdong, chairman and CEO of JD, said: "Strong user growth during the first quarter reflects consumers' increasing reliance on JD to support every aspect of their lives, and confidence in our commitment to providing a broad selection of quality products and best-in-class services."

Throughout the COVID-19 outbreak, JD has implemented disciplined financial control policies while providing undisrupted and timely services to consumers, said Sidney Huang, chief financial officer of JD. "We will continue to invest in technology and customer experience to support our future growth."

JD's net income attributable to ordinary shareholders for the first quarter of 2020 was 1.1 billion yuan. As of March 31, 2020, JD Logistics operated over 730 warehouses, covering an aggregate gross floor area of approximately 17 million square meters, including warehouse space managed under the JD Logistics Open Warehouse Platform.

As of March 31, 2020, the company had approximately 220,000 employees excluding part-time and interns.