JD.com surprises to the upside, shares soar
Chinese e-commerce giant reported second-quarter earnings that exceeded analyst expectations. Second-quarter revenue landed at $21.9 billion, 18% above the dollar-based sales seen in the year-ago period.
The company posted a surprising profit while analysts projected a quarterly loss. Stocks jump nearly 13%
Stocks impacted: JD.com (JD)
Adjusted earnings came in at $0.33 per diluted American depositary share, 560% above the result seen in the second quarter of 2018. The company enjoyed broad-based gains across all of its business segments. Also, JD.com’s margin rose sharply and management raised adjusted net income guidance to between 8 billion yuan and 9.6 billion yuan for the full year. As a reminder, the company has reported full year losses for the past three years. Stocks extended gains later, when the Trump administration hit "pause" on some of its planned tariffs for goods imported from China.
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