JD.com jumps on Q4 rev beat, share buyback

Dada Nexus

06/03/2024 11:00

** U.S.-listed shares of JD.com  JD.O  jump about 10.9% to
$23.7 premarket after co reports Q4 revenue above estimates 
    ** Stock set for biggest pct gain in more than a year, if
gains hold 
    ** Co announces share repurchase program of up to $3 bln
worth of shares which includes its U.S.-listed shares as well
    ** The Chinese online retailer reports Q4 revenue at 306.1
bln yuan (about $43 bln), beating analysts' estimate of 300.04
bln yuan, per LSEG data 
    ** Aggressive price cuts helped co to revive demand from
consumers grappling with an uncertain economy
    ** "Suspicious practices" that emerged in internal audit of
its Dada Nexus  DADA.O  unit are unlikely to have had a sizeable
impact on the co's performance - analysts
    ** Net income attributable to shareholders of 3.4 billion
yuan, up more than 13% from a year ago
    ** Stock lost more than a fourth of its value YTD

($1 = 7.1989 Chinese yuan renminbi)

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))