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JD revenue soars 29 per cent on post-Covid online sales boom

Chinese e-commerce company JD has posted a 29-per-cent jump in third-quarter revenue as online orders for groceries and other essentials stayed strong even after coronavirus-led restrictions were lifted in the world’s second-largest economy.

JD, which competes with Pinduoduo and larger rival Alibaba Group in a domestic market nursing pandemic-driven losses, benefited from a broader shift to consumers shopping online from the comfort of their homes.

Sales in its product segment, which includes online retail sales, rose 27 per cent to $23 billion in the quarter.

Net income attributable to ordinary shareholders rose to $1.148 billion.

JD.com reported net revenue of $26.47 billion in the third quarter ended September 30, compared with $20.478 billion last year.

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