JD.com, Inc. (NASDAQ:JD) reported better-than-expected first-quarter results on Thursday.
JD.com reported fiscal first-quarter 2024 revenue growth of 7% year over year to $36.02 billion, beating the analyst consensus estimate of $35.62 billion. JD posted an adjusted net income per ADS of 78 cents, beating the analyst consensus estimate of 64 cents, according to data from Benzinga Pro.
JD.com's net product revenue increased by 6.6% year over year to $28.88 billion. Net service revenues rose 8.8% year over year to $7.14 billion. JD Retail revenue climbed 6.8% year over year to $31.42 billion, Logistics revenue gained to $5.84 billion, and the new business revenues fell to $675 million.
Sandy Xu, CEO of JD.com, said, "In particular, in the first quarter, our focus on user experience helped to drive strong growth in the number of active users as well as user engagement."
JD.com shares rose 1.9% to close at $34.27 on Thursday.
These analysts made changes to their price targets on JD.com after the company reported quarterly results.
- Bernstein raised the price target on JD.com from $28 to $35. Bernstein analyst Robin Zhu maintained a Market Perform rating.
- B of A Securities increased JD.com price target from $38 to $43. B of A Securities analyst Joyce Ju maintained a Buy rating.
- Mizuho increased the price target on JD.com from $33 to $40. Mizuho analyst James Lee maintained a Buy rating.
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