Chinese e-commerce firm JD posted an 11.4% growth to RMB 243.5 billion ($34.2 billion) in its third-quarter net revenues during the ongoing economic downturn. In comparison, rival Alibaba’s revenue only rose 3% from last year. JD also recorded a net income of RMB 6 billion through cost-saving measures from a net loss of RMB 2.8 billion a year earlier. The Beijing-based company saw flat expenses in fulfillment, marketing, and research and development in the June to September period compared to last year, with general and administrative expenses decreasing by nearly 15% to RMB 2.6 billion. Meanwhile, JD’s main sources of revenue — JD Retail and JD Logistics, saw their revenues increase by 7% and 38.9% year-on-year, respectively. The company also completed the acquisition of the controlling interest in Deppon Logistics. “The worst moment is basically over,” the company’s chief executive Xu Lei said on the earnings call on Friday, adding that they have seen signs of recovery in consumption. [JD]
