Overview

• Second-quarter revenue rose 22.4 percent to 356.7 billion yuan, outpacing the 335 billion yuan analyst consensus and accelerating from 15.8 percent growth in Q1
• Adjusted earnings per ADS fell 49 percent year-over-year to 4.15 yuan, topping the 3.65-yuan forecast from analysts polled by FactSet
• Core JD Retail sales, an expanded JD Food Delivery service and Chinese consumer-spending subsidies collectively drove the top-line surge
• Aggressive marketing and subsidy investments led to margin compression, with an operating loss of 0.2 percent and adjusted operating margin of 0.3 percent
• U.S.-listed JD stock rose about 1 percent in premarket trading but remains down 6 percent year-to-date as investors weigh profitability risks and limited AI cloud exposure