JD.com sees slowing revenue growth in Q2, but earnings beat boosts Chinese tech stocks

Andrew Burton

JD.com (NASDAQ:JD) reported second-quarter results on Tuesday that topped estimates, while also adding nearly 50M customer accounts in the past 12 months, lifting several other Chinese tech stocks in the process.

For the period ending June 30, JD.com (JD) said it earned an adjusted 61 cents per share on $40B, up 5.4% year-over-year. While that topped estimates of $38.58B, it markets the company's slowest growth on record since becoming a public company.

The Chinese tech giant said it ended the period with 580.8M customer accounts, a rise of 9.2% year-over-year from 531.9M in the year-ago period.

Lei Xu, Chief Executive of JD.com (JD), said the company's "resilient business model" and supply chain expertise helped it to deliver the quarterly results.

JD.com (JD) shares rose nearly 4% to $57.53 in premarket trading, while several other Chinese tech stocks also rose on back of the results, including Baidu (NASDAQ:BIDU) NetEase (NTES), Alibaba (NYSE:BABA) and Pinduoduo (NASDAQ:PDD).

Last month, investment firm Mizuho Securities James Lee said JD.com (JD) saw signs of business improving in June, as the Chinese e-commerce giant was aided by increased demand for home appliances and supermarket goods.