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Global News Select Posts Net Loss for Third Quarter Despite Higher Revenue

   By Clarence Leong Inc. posted a third-quarter net loss amid weaker operating income, even as revenue strengthened.

The Chinese e-commerce company said it swung to a loss of 2.81 billion yuan ($440.6 million) from a net income of CNY7.56 billion a year earlier.

Revenue for the quarter rose 25.5% to CNY218.71 billion, it said Thursday.

Operating income fell 41% to CNY2.57 billion, partly dragged by general and administrative expenses, which surged 91% on year to CNY3.05 billion. This was mainly due to an increase in share-based compensation expenses, said.

The company recorded CNY3.1 billion in other non-operating loss in the quarter, primarily due to a change in the fair value of its equity investments, it said.

Net loss per American depositary share was CNY1.81, compared with income per ADS of CNY4.70 a year earlier.

"We will continue to focus on building high-quality businesses and investing in technologies and core capabilities to ensure JD's sustainable growth in the long term," Chief Financial Officer Sandy Xu said.

The company said its annual active customer accounts expanded 25% to more than 550 million in the 12 months ended Sept. 30.


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(END) Dow Jones Newswires

November 18, 2021 05:12 ET (10:12 GMT)

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