(Yicai Global) May 9 -- China's ecommerce behemoth JD.com Inc. [NASDAQ:JD] performed impressively in the first quarter, sending its share price up seven percent to an all-time high.
The company logged a net income of USD11.1 billion in the quarter, up 41.2 annual percentage points, per its quarterly financial report released yesterday.
Calculated based on non-US Generally Accepted Accounting Principles (GAAP), the company swung from USD29 million (CNY200 million) in losses in last year's first quarter to around USD200 million in net profit in the first positive profit figure JD.com has reported since its 2014 listing. Its share price opened higher today, followed by successive intraday gains before closing at a historical high of USD29.1, up 7.75 percent from the day before.
The merger with Walmart China and strong consumer spending drove the revenue spike, per the report. The ranks of annual active JD.com users rose from 169 million to 236.5 million last year, and transactions were CNY184.1 billion, up 42 percent. JD will outperform all offline retailers on net profit long term, JD.com founder Liu Qiangdong told press.