JD.com, Inc. (NASDAQ: JD), China’s leading technology driven e-commerce company transforming to become the leading supply chain-based technology and service provider, today announced its unaudited financial results for the quarter ended March 31, 2020.
First Quarter 2020 Highlights
- Net revenues for the first quarter of 2020 were US$20.6 billion, an increase of 20.7% from the first quarter of 2019. Net revenues from the sales of general merchandise products for the first quarter of 2020 were $7.4 billion, an increase of 38.2% from the first quarter of 2019. Net service revenues for the first quarter of 2020 were $2.3 billion, an increase of 29.6% from the first quarter of 2019.
- Income from operations for the first quarter of 2020 was $0.3 billion. Non-GAAP2 income from operations for the first quarter of 2020 was RMB3.3 billion (US$0.5 billion) with a non-GAAP operating margin of 2.2%, as compared to non-GAAP income from operations of RMB2.0 billion for the first quarter of 2019 with a non-GAAP operating margin of 1.6%.
- Net income attributable to ordinary shareholders for the first quarter of 2020 was RMB1.1 billion (US$0.2 billion), compared to RMB7.3 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the first quarter of 2020 was RMB3.0 billion (US$0.4 billion), compared to RMB3.3 billion for the same period last year.
- Diluted net income per ADS for the first quarter of 2020 was RMB0.72 (US$0.10), compared to RMB4.96 for the first quarter of 2019. Non-GAAP diluted net income per ADS for the first quarter of 2020 was RMB1.98 (US$0.28), compared to RMB2.23 for the same period last year.
- Annual active customer accounts3increased by 24.8% to 387.4 million in the twelve months ended March 31, 2020 from 310.5 million in the twelve months ended March 31, 2019. Mobile daily active users4 in March 2020 increased by 46% as compared to March 2019.
“We are proud that JD.com has been able to remain fully operational throughout the COVID-19 outbreak, and our employees are proud of the contributions JD continues to make towards building a more productive and sustainable society,” said Richard Liu, Chairman and CEO of JD.com. “Strong user growth during the first quarter reflects consumers’ increasing reliance on JD.com 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.”
“JD’s resilient business model helped drive solid top and bottom-line results for the quarter that exceeded our expectations,” said Sidney Huang, CFO of JD.com. “We are also pleased to see an accelerating increase in user engagement, demonstrating our strengthened brand image and expanded consumer mindshare. Throughout the COVID-19 outbreak, JD has implemented disciplined financial control policies while providing undisrupted and timely services to consumers. We will continue to invest in technology and customer experience to support our future growth.”
Second Quarter 2020 Guidance
Net revenues for the second quarter of 2020 are expected to be between RMB180 billion and RMB195 billion, representing a growth rate between 20% and 30% compared with the second quarter of 2019. This forecast reflects JD.com’s current and preliminary expectation, which assumes the COVID-19 situation would not have any significant unexpected disruption to our operations in the remainder of the second quarter.