China’s JD.com beats fourth-quarter revenue estimates

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(Reuters) – China’s JD.com Inc reported a 38.7 rise in fourth-quarter revenue on Friday, beating analysts’ estimates, as the country’s second-largest e-commerce firm attracted more shoppers.

The company posted a revenue of 110.17 billion yuan ($17.38 billion) for the quarter ended Dec. 31, beating the average analysts’ estimate of 108.5 billion yuan, according to Thomson Reuters I/B/E/S.

JD posted a net loss of 0.64 yuan per American depository share, compared with a loss of 1.22 yuan a year earlier.

Sales volumes are seasonally high in the fourth quarter due to China’s mega sale event, Singles’ Day, which runs over two weeks in November. JD.com said it recorded $19 billion in sales during the festival.