JD.com Shares Jump After Better-Than-Expected Revenue, Adjusted Profit

By Tracy Qu

JD.com shares rose sharply as investors largely looked past the Chinese e-commerce giant's first quarterly net loss in nearly four years, with revenue and adjusted net profit coming in better than feared.

Shares in the online retailer were 8.5% higher by midday Friday in Hong Kong. By comparison, the Hang Seng Tech Index was up 3.7% and the benchmark Hang Seng Index rose 1.85%.

Analysts considered the company's revenue and adjusted net profit a beat. Total revenue grew 1.5% in the fourth quarter, while adjusted net profit fell 90% but was ahead of consensus.

JD.com's results were a "solid" beat, according to Citi.

This sets an upbeat tone for 2026, with growth driven by a diversified revenue stream and retail sales maintaining double-digit year-over-year growth, Citi analysts wrote in a research note. Sales of electronics and home appliances will have to contend with a high base in the first half but will likely witness accelerated growth in the second half, they said.

Citi raised its target price on the company's American depositary receipts to $35.00 from $34.00. JD.com's ADRs last closed at $25.47.

Analysts at Citi and Jefferies also noted that JD.com's heavy investments in its food-delivery business will likely moderate in 2026, citing management's remarks. The food-delivery price subsidy war was what pushed the company into a net loss in the three months ended December.

Jefferies analysts in a separate note highlighted the logistics unit's slightly above-estimate results. JD Logistics' adjusted margin will likely improve in 2026, thanks to the company's solid execution and artificial intelligence-led efficiencies, they said.

Shares in JD Logistics, which delivered a 22% rise in quarterly revenue and a 6% gain in adjusted net profit, were 21% higher in Hong Kong.

Other subsidiaries also reported earnings on Thursday. JD Industrials' annual net profit more than tripled and revenue climbed 17%. JD Health's 2025 revenue rose 26% and profit increased 29%.

On Friday, Hong Kong-listed JD Industrials rose 4.1% and JD Health added 3.5%.

Write to Tracy Qu at tracy.qu@wsj.com

(END) Dow Jones Newswires

March 06, 2026 00:06 ET (05:06 GMT)