BEIJING, Aug. 15, 2024 (GLOBE NEWSWIRE) JD.com, Inc., a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three and six months ended June 30, 2024.
Second Quarter 2024 Highlights
Net revenues were RMB291.4 billion (US$140.1 billion) for the second quarter of 2024, an increase of 1.2% from the second quarter of 2023.
Income from operations was RMB10.5 billion (US$1.4 billion) for the second quarter of 2024, compared to RMB8.3 billion for the second quarter of 2023. Non-GAAP2 income from operations was RMB11.6 billion (US$1.6 billion) for the second quarter of 2024, compared to RMB8.7 billion for the second quarter of 2023. Operating margin of JD Retail before unallocated items was 3.9% for the second quarter of 2024, compared to 3.2% for the second quarter of 2023.
Net income attributable to the Company’s ordinary shareholders was RMB12.6 billion (US$1.7 billion) for the second quarter of 2024, compared to RMB6.6 billion for the second quarter of 2023. Net margin attributable to the Company's ordinary shareholders was 4.3% for the second quarter of 2024, compared to 2.3% for the second quarter of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders was RMB14.5 billion (US$2.0 billion) for the second quarter of 2024, compared to RMB8.6 billion for the second quarter of 2023. Non-GAAP net margin attributable to the Company's ordinary shareholders was 5.0% for the second quarter of 2024, compared to 3.0% for the second quarter of 2023.
Diluted net income per ADS was RMB8.19 (US$1.13) for the second quarter of 2024, an increase of 97.3% from RMB4.15 for the second quarter of 2023. Non-GAAP diluted net income per ADS was RMB9.36 (US$1.29) for the second quarter of 2024, an increase of 73.7% from RMB5.39 for the second quarter of 2023.
Operating cash flow for the twelve months ended June 30, 2024 was RMB74.0 billion (US$10.2 billion), an increase of 40.9% from RMB52.5 billion for the twelve months ended June 30, 2023. Free cash flow, which excludes the impact from consumer financing receivables included in the operating cash flow, for the twelve months ended June 30, 2024 was RMB55.6 billion (US$7.7 billion), an increase of 66.2% from RMB33.5 billion for the twelve months ended June 30, 2023.
“We remained committed to the sustainable and high-quality growth of our business in the second quarter,” said Sandy Xu, Chief Executive Officer of JD.com. “Our steadfast efforts to strengthen supply chain capabilities and user experience continue to distinguish JD in China's e-commerce industry, as we leverage our growing economies of scale and procurement efficiencies to bring users everyday low prices without sacrificing quality. Combined with our progress in building a thriving platform ecosystem, these efforts have led to favorable response from users, with robust user base expansion and user engagement improvement in the quarter. Going forward, we will continue to focus on our own strengths to enhance user experience, price competitiveness and platform ecosystem, which we believe are the fundamentals to ensure sustainable growth in the years to come.”
“In the second quarter, our total revenues increased by 1.2% year-on-year, as we navigated a high base in our electronics and home appliances category from last year, while growth in our general merchandise category, particularly supermarket, remained robust,” said Ian Su Shan, Chief Financial Officer of JD.com. “We continued to enhance price competitiveness during the promotional season through our supply chain and disciplined approach, as opposed to reliance on subsidies. As such, our gross margin substantially increased by 137bps year-on-year to 15.8%, contributing to our record-high operating and net profit on a non-GAAP basis in the quarter. These high-quality results, coupled with our accelerated share repurchase, highlight JD's commitment to creating long-term value for our shareholders.”