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JD.com stock was falling on Thursday after the Chinese online retail giant reported earnings. Investors soured on the stock despite better-than-expected results.
JD.com beat quarterly revenue estimates on Thursday, helped by a longer sales period for the annual 618 shopping festival, one of China's largest online retail events. The e-commerce giant reported a 2.9% decline in total revenue to 346.4 billion yuan ($51.37 billion) in the second quarter ended June, but higher than analysts' average estimate of 344.6 billion yuan, according to data compiled by LSEG. JD.com's first quarterly revenue decline in more than a decade highlights the challenge of reviving consumer spending amid concerns about job security and weak consumer confidence stemming from China's years-long property sector downturn.
Chinese regulators have summoned JD.com over alleged false advertising during the recent 618 shopping festival. The scrutiny centers on how promotional offers and discounts were presented during one of China's key mid year sales events. Law firm Pomerantz LLP has launched a securities fraud investigation linked to this regulatory action on behalf of JD.com investors. JD.com, listed on the NasdaqGS under the ticker NasdaqGS:JD, now sits in the spotlight as regulators and investors assess the...
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