JD.com beats second-quarter sales estimates on online strength

Chinese e-commerce platform JD.com Inc on Monday beat analysts’ expectations for quarterly revenue, boosted by resilient demand for online shopping triggered by the COVID-19 pandemic.

Global brands such as Louis Vuitton owner LVMH expanded partnerships with the company during the quarter, while other brands such as Estee Lauder Cos Inc launched flagship stores on its platform.

The results come amid a crackdown on the tech industry by Chinese regulators, leading to an upheaval in sectors such as e-commerce, gaming, ride-hailing and cryptocurrency.

Net revenue at JD.com rose about 26% to 253.8 billion yuan ($39.14 billion) in the second quarter ended June 30. Analysts had expected revenue of 249.27 billion yuan, according to IBES data from Refinitiv.