- In addition to beating Q4 estimates, JD.com (NASDAQ:JD +2.3%) is guiding for Q1 revenue of RMB34.8B-RMB35.8B ($5.55B-$5.71B), good for 54%-58% Y/Y growth and slightly above a $5.6B consensus at the midpoint. Given JD's history of revenue beats, the outlook might be conservative.
- GMV rose 119% Y/Y in Q4 to $13.8B, a slight improvement from Q3's 111% growth. Fulfilled orders +95% to 217.8M, annual active customer accounts +104% to 96.6M. 36% of fulfilled orders were via mobile, up from Q3's 29.6%. Direct sales rose 67% Y/Y to $5.22B, and services/other revenue rose 199% to $377M.
- With JD spending heavily on its warehouses and logistics infrastructure to differentiate itself, fulfillment spend rose 107% to $400M. Marketing spend rose 121% to $200M, tech/content spend 124% to $100M, and G&A spend 63% to $56M.
- Gross margin rose to 12.6% in Q4 from Q3's 12.2% and the year-ago period's 10.1%. 2014 free cash flow (kept down by heavy spending) was $139.4M.
- Q4 results, PR