Lates News

Citi released a research report stating that during JD.com's 618 promotion, the number of orders placed reached a record high. Demand for services such as home cleaning, childcare, and appliance installation was strong, but overall consumer spending was weak, leading to relatively moderate promotional performance. Citi revised down its revenue and non-GAAP earnings forecast for JD.com's second quarter of the year by 4.3% and 6.6% respectively. Revenue and earnings forecasts for 2026 to 2028 were also lowered by approximately 1.3% to 1.4% and 4.4% to 6%, reflecting the possibility of continued weak consumer sentiment. The bank currently predicts that JD.com's second quarter total revenue will decline by 4% year-on-year to 342.5 billion RMB, with non-GAAP net profit expected to reach 7.4 billion RMB, an increase of 0.4% year-on-year. Citi maintains its "buy" rating on JD.com's stock and target price of $39 unchanged.