Chinese e-commerce firm JD.com's revenues grew at their slowest pace on rec...
- Chinese e-commerce firm JD.com’s revenues grew at their slowest pace on record in the first quarter as China’s tech giants start to tap out their existing user bases, though its 21% expansion marginally beat analysts’ forecasts.
JD.com, which operates chiefly as an online marketplace, most notably for consumer electronics, first achieved positive net income in early 2017, about three years after it listed. However, it has struggled to maintain profitability. In contrast, rival Alibaba Group Holding Ltd outsources its logistics to third-party companies, though it owns stakes in many of them. Unlike JD, it makes money primarily via advertising, rather than commissions on sales.
Meanwhile, a University of Minnesota student recently filed a civil lawsuit against JD.com chief executive officer Richard Liu, alleging he raped her. Liu, through his lawyers, has maintained his innocence. On Wednesday, JD.com’s ownership structure and staff exits became a trending topic on Chinese social media site Weibo.
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