JD.com net edges up

JD.com (9618) recorded 2.25 percent increase in adjusted net profit to 17.21 billion yuan (HK$21.29 billion).

The Chinese e-commerce giant swung to a net loss of 3.56 billion yuan last year, compared to a net profit of 49.4 billion yuan in 2020.

Revenues for 2021 rose by 27.6 percent year-on-year to 951.6 billion yuan.

During the December quarter last year it reported a net loss of 5.2 billion yuan, versus a projected loss of 80.5 million yuan. Net revenue rose about 23 percent to 275.9 billion yuan in the fourth quarter, while analysts had expected revenue of 274.45 billion yuan.

The company also said general expenses rose 89 percent, mainly due to the increase in share-based compensation expenses.

Annual active customer accounts expanded 21 percent to 569.7 million in 2021, though that lagged behind expectations of about 577 million.

JD and larger rival Alibaba Group Holding are feeling the heat from macroeconomic headwinds, as well as emergent competitors such as social media platforms.

Last month, Alibaba (9988) reported its slowest quarterly growth in revenue since its 2014 listing.

Also announcing results was JD Logistics (2618), which reported an adjusted loss of 1.2 billion yuan in 2021 from an adjusted profit of 1.79 billion a year earlier.