JD.com revenues grow 26.6 percent, names new CFO

JD.com, Inc. announced that its net revenues for the fourth quarter of 2019 were 170.7 billion Chinese yuan (124.5 billion dollars), an increase of 26.6 percent from the fourth quarter of 2018, while net service revenues were 21 billion Chinese yuan (3 billion dollars), an increase of 43.6 percent. JD.com’s net revenues for the full year were 576.9 billion Chinese yuan (82.9 billion dollars), an increase of 24.9 percent from the full year of 2018, while net service revenues were 66.2 billion Chinese yuan (9.5 billion dollars), an increase of 44.1 percent. JD.com also announced that Sidney Huang, Chief Financial Officer of JD.com, will retire in September 2020 and Sandy Xu, currently Senior Vice President of JD.com and CFO of JD Retail, will succeed Huang.

“We achieved robust top-line growth for the fourth quarter as Chinese consumers increasingly associate the JD brand with trust and reliability,” said Richard Liu, Chairman and Chief Executive Officer of JD.com in a statement, adding, “Since late January, we’ve spared no effort in the fight against COVID-19 in China. Our leading supply chain and logistics network have been called upon to address unmet needs across China and we’ve been ensuring consumers’ livelihoods while partnering with public institutions to ensure access to emergency supplies.”

Review of JD.com’s Q4 and full year results

The company added that income from operations for the fourth quarter was 529.5 million Chinese yuan (76.1 million dollars), compared to loss from operations of 938.9 million Chinese yuan for the same period last year, while non-GAAP income from operations was 704 million Chinese yuan (101.1 million dollars) compared to 313 million dollars. Income from operations for the full year of 2019 was 9 billion Chinese yuan (1.3 billion dollars) compared to loss from operations of 2.6 billion Chinese yuan for the same period last year, while non-GAAP income from operations increased by 364 percent to 8.9 billion Chinese yuan (1.3 billion dollars) with a non-GAAP operating margin of 1.5 percent compared to 1.9 billion Chinese yuan for the full year of 2018 with a non-GAAP operating margin of 0.4 percent.

Net income attributable to ordinary shareholders for the fourth quarter was 3.6 billion Chinese yuan (0.5 billion dollars) compared to a net loss of 4.8 billion Chinese yuan for the same period last year, while non-GAAP net income was 810.7 million Chinese yuan (116.5 million dollars) compared to 749.9 million Chinese yuan for the same period last year. Net income attributable to ordinary shareholders for the full year of 2019 was 12.2 billion Chinese yuan (1.8 billion dollars) compared to a net loss of 2.5 billion Chinese yuan for the full year of 2018, while non-GAAP net income attributable to ordinary shareholders increased by 211 percent to 10.7 billion Chinese yuan (1.5 billion dollars) compared to 3.5 billion Chinese yuan for the full year of 2018.

Diluted net income per ADS for the fourth quarter was 2.44 Chinese yuan (35 cents) compared to diluted net loss per ADS of 3.32 Chinese yuan for the fourth quarter of 2018, while non-GAAP diluted net income per ADS was 0.54 Chinese yuan (8 cents) compared to 0.51 Chinese yuan for the same quarter last year. Diluted net income per ADS for the full year was 8.21 Chinese yuan (1.18 dollars), compared to diluted net loss per ADS of 1.73 Chinese yuan for the full year of 2018, while non-GAAP diluted net income per ADS was 7.25 Chinese yuan (1.04 dollars) compared to 2.35 Chinese yuan for the full year of 2018.

JD.com said, annual active customer accounts increased by 18.6 percent to 362 million in 2019 from 305.3 million in 2018, while mobile monthly active users in December 2019 increased by 41 percent as compared to December 2018.

JD.com CFO Sidney Huang to Retire in September 2020

JD.com also announced that Sidney Huang, Chief Financial Officer of JD.com, will retire in September 2020. Sandy Xu, currently Senior Vice President of JD.com and CFO of JD Retail, will succeed Huang as the Chief Financial Officer of JD.com and report to Richard Liu, Chairman and Chief Executive Officer. Huang will serve as a senior consultant to the company following his retirement.

“Sidney has served as our CFO over the past six and a half years as JD.com grew revenue over 7 times from RMB 69 billion in 2013 to RMB 577 billion in 2019, and achieved important milestones including our successful IPO in the US and the remarkable expansion of our business scope,” added Liu.

Sandy Xu, the company added, currently serves as Senior Vice President of JD.com. She oversees group finance, accounting and tax functions in addition to serving as the CFO of JD Retail where she has played a critical role in improving JD Retail’s financial and operational performance in 2019. Prior to joining JD.com in July 2018, Xu was an audit partner at PricewaterhouseCoopers and had nearly 20 years’ experience at PricewaterhouseCoopers in its Beijing and San Jose offices, focusing on the TMT industry and U.S. capital markets. She was a Certified Public Accountant in both China and the United States.

Picture:JD.com media resources