JD.com gains after Q4 beats with strong customer growth

Mar. 11, 2021 7:25 AM ETJD.com, Inc. (JD)JDBy: Brandy Betz, SA News Editor26 Comments
  • JD.com (NASDAQ:JD) ADRs are up nearly 6% pre-market after reporting Q4 beats with strong cash flow and solid annual customer growth.
  • Net revenue was up 31% Y/Y to RMB224.3B or $34.4B, $710M ahead of consensus. Non-GAAP EPADS was $0.23, five cents above estimates.
  • Service revenue increased 53% to RMB32.1B.
  • Annual active customer accounts increased 30% on the year to 471.9M in FY20.
  • Fulfillment expenses were higher than expected at RMB14.8B vs. the RMB10.37B estimate.
  • Adjusted EBITDA was RMB2.66B, below the RMB3.59B estimate.
  • Operating margin was 0.6% vs. the 1.16% estimate.
  • Operating cash flow for the year improved from RMB24.8B in 2019 to RMB42.5B with FCF of RMB34.9B.
  • “JD saw accelerated revenue and user growth during the fourth quarter driven by our long-term operating philosophy and customer-centric value proposition despite the ongoing market challenges,” says CEO Richard Liu. “During this quarter, JD continued its strategic transformation into a supply chain-based technology and service company with increasingly diversified sources of revenues. With a strong momentum going into 2021 and with our recently optimized organizational structure, JD will continue to invest in innovative, high potential businesses to drive long-term sustainable growth.”
  • Press release.
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