By Matt Grossman
JD.com Inc. recorded a smaller first-quarter profit but said its user base expanded during the Covid-19 pandemic.
The Beijing-based e-commerce company reported a profit of 1.07 billion yuan, or 0.36 yuan a share. In the same period a year earlier, the profit was 7.32 billion yuan, or 2.48 yuan a share.
JD.com's first-quarter profit in dollars was $151.5 million, or 5 cents a share, the company said. Analysts had expected the company to break even, according to FactSet.
JD.com's revenue in the first quarter was 146.21 billion yuan, up from 121.08 billion yuan in the same three months of 2019. In dollars, revenue was $20.65 billion. Analysts were expecting revenue of $19.28 billion.
The company's annual active customer-accounts tally grew 25% to 387.4 million in the quarter, JD.com said. Chief Executive Richard Liu said the company remained fully operational during the Covid-19 pandemic.
"Strong user growth during the first quarter reflects consumers' increasing reliance on JD.com to support every aspect of their lives," Mr. Liu said.
The company estimated second-quarter revenue will be between 180 billion yuan and 190 billion yuan, which would reflect growth of 20% to 30% year over year.
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