JD.com,Obsession Archives Inc. reported a 5.1% year-on-year increase in net revenues, reaching RMB 260.4 billion ($36 billion) for the third quarter of 2024. The company’s income from operations surged 29.5% to RMB 12.0 billion ($1.7 billion), reflecting a stronger operating margin of 4.6%, up from 3.8% in the same period last year. JD.com’s CEO, Sandy Xu, highlighted positive consumer sentiment and the company’s strong role in China’s government-backed trade-in programs, leveraging its supply chain capabilities, as key factors in the firm’s performance. Additionally, JD.com’s general merchandise sector saw robust growth, driven by improved user experiences and a successful Singles Day promotion, according to the company. JD also completed a share repurchase program during the period, purchasing approximately $390 million worth of shares in Q3 2024. Looking forward, the firm said it plans to continue investing in its supply chain and expanding its user base, with a new $5 billion share repurchase program running through 2027. JD.com’s total cash reserves stood at RMB 196.8 billion ($28 billion) as of September 30, 2024. [JD.com]
