(Reuters) – Chinese e-commerce group JD.com missed market estimates for quarterly revenue on Thursday, as persistent economic woes pressured consumers to cut back on spending.
A prolonged property sector crisis, a macroeconomic slowdown and heightened job insecurity have hammered consumer confidence in the world’s second-largest economy, hurting retail sales.
While the Chinese government has outlined stimulus measures to prop up economic growth, the lack of solid steps to boost consumption has also weighed on sentiment.
JD.com said total revenue rose 5.1% to 260.4 billion yuan ($35.95 billion) in the third quarter, compared with estimates of 261.45 billion yuan, according to LSEG data.
Net income attributable to JD.com’s ordinary shareholders stood at 11.7 billion yuan in the July-September period, an increase of 47.8% from a year earlier.
($1 = 7.2428 Chinese yuan renminbi)
(Reporting by Deborah Sophia in Bengaluru and Casey Hall in Shanghai; Editing by Shinjini Ganguli)
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