JD.com Profit Slumps as Heavy Food-Delivery Spending Bites
JD.com's quarterly profit slumped despite a rise in revenue, as the Chinese e-commerce giant's push into the highly competitive food-delivery space and other new businesses continued to bite.
The Beijing-based company has been locked in a food-delivery price war with Meituan and Alibaba Group as it tries to win market share, fueling concerns about thinning margins and near-term profitability.
The online retailer said Thursday that net profit for the third quarter dropped 55% from a year earlier to 5.28 billion yuan, equivalent to about $742.3 million. Analysts had expected 2.87 billion yuan, according to a FactSet consensus...
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