JD beats estimates

JD.com (9618) sales beat analyst estimates as consumer spending improved, defying a crackdown on the Chinese internet sector that has dragged on growth across the industry.

Net revenue rose 26.2 percent to 253.8 billion yuan (HK$304.98 billion) in the second quarter ended June 30. Analysts had average revenue estimates of 248.5 billion yuan.

Net income for the same period tumbled to 794.3 million yuan, down 95.2 percent from 16.4 billion yuan a year earlier. Non-GAAP net income for the second quarter of 2021 was 4.6 billion yuan, dropping 22 percent but still beating market expectations.