Q2 2024 JD.Com Inc Earnings Call Transcript
Key Points
- JD.com Inc achieved the highest single quarter non-GAAP net profit in its history.
- Strong momentum in the general merchandise category with revenues up 8.7% year on year.
- Supermarket revenue saw double-digit year-on-year growth for two consecutive quarters.
- Non-GAAP net margin in Q2 climbed to 5% for the first time, driven by gross margin expansion to a historical level of 15.8%.
- Robust user growth and engagement, with total quarterly active customers growing at a double-digit pace year on year for the third consecutive quarter.
- Revenues of electronics and home appliances were down 4.6% year on year due to last year's high base and disciplined strategy during promotions.
- Average order value declined year on year due to soft consumer spending and category mix shift.
- Revenue of new business was down 35% year on year, primarily due to adjustments in the Jingxi business.
- Non-GAAP operating loss of new business was RMB695 million in the quarter compared to a gain of RMB23 million a year ago.
- Service revenues grew by only 6% year on year, with marketplace and marketing revenues up 4% and logistics and other service revenues increasing by 8%.
Hello, and thank you for standing by for JD.com second quarter and interim 2024 earnings conference call.(Operator Instructions) After management's prepared remarks, there will be a question and answer session.
Today's conference is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the meeting over to your host for today's conference, Sean Zhang, Director of Investor Relations. Please go ahead.
Thank you. Good day, everyone. Welcome to JD.com second quarter and interim 2024 earnings conference Call. For today's call, CEO of JD.com, Ms. Sandy Xu will quick off with her opening remarks; and our CFO, Ms. Ian Shan, will discuss the financial results. Then we'll open the call to questions from analysts.
Before turning the call over to Sandy, let me quickly cover the safe harbor. Please be reminded that during this call, our comments and responses to your questions reflect management's view as of today only and will include forward
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