Chinese e-commerce platform JD released its financial results for the second quarter ended June 30 on Tuesday, announcing both its income and profit hit a record high for the same period.
“JD delivered robust growth in the second quarter across our key metrics of revenue, profitability, cash flow and customer base,” Sidney Huang Xuande, chief financial officer of JD, said during a conference call.
The Nasdaq–listed company’s net revenue for the Q2 reached 150.3 billion yuan ($21.9 billion), increasing by 22.9 percent from the same period last year, which created a new quarterly record, according to the company’s financial report.
It achieved a net service revenue of 16.8 billion yuan in Q2, a rise of 42 percent from the same period last year.
The company’s ordinary shareholders enjoyed a net income of 618.8 million yuan in Q2, while they suffered a net loss of 2,212.5 million yuan for the same period last year.
It reported 14 consecutive profitable quarters as the non-GAAP net income attributable to ordinary shareholders climbed to 3,558.9 million yuan in Q2, a 644 percent jump from 478.1 million yuan in Q2 of last year.
Its operating cash flow for the 12 months ended June 30 grew to 31.8 billion yuan from 16.4 billion yuan for the 12 months ended June 30, 2018.
In addition, the company’s annual active customer accounts increased to 321.3 million in the 12 months ended June 30.
Many of JD’s businesses have begun to meet the break-even or even profit in the past few years, Richard Liu Qiangdong, chairman and CEO of JD, said during a conference call, highlighting JD Logistics began to break even after suffering a loss of 2.8 billion yuan last year, according to report by Paper.cn.
“Our profits were not made from reducing investment or cutting down businesses,” Liu said.
He said the company’s strong performance in Q2 demonstrated the resilience of its superior business model.
“We will continue to increase investment in technology, such as artificial intelligence, big data, cloud computing continue to sustain investment. At the same time, we will continue to invest in new categories, such as fresh food and supermarket,” Liu added.