JD.com revenues within expectations as growth decline set to continue

A sign of China’s e-commerce company JD.com is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016.

Reuters/Aly Song/File Photo –

JD.com Inc JD.O, China’s second biggest e-commerce company, reported revenue for the second quarter of 2016 that was within company forecasts, even as the growth rate continued a steady decline that is expected to continue.

The company, Alibaba Group Holding Ltd’s BABA.N main rival in online shopping, said on Wednesday revenue for the quarter rose 42 percent to 65.2 billion yuan ($9.83 billion), within JD.com’s forecast range of 64.2-66.2 billion yuan.

JD.com said it expects revenues for the third quarter to be 59-61 billion yuan, a rise of 34-38 percent from the same quarter in 2015.

Net losses were 132.1 million yuan ($19.92 million), compared to a loss of 510.4 million yuan in the previous year.

The total value of merchandise transactions on JD.com’s platforms was 108.7 billion yuan in the quarter.

(Reporting by Paul Carsten; Editing by Muralikumar Anantharaman)