Shares of JD.com (NASDAQ:JD) rocketed 150% last year, according to data provided by S&P Global Market Intelligence, as the growth of the Chinese e-commerce market accelerated during the coronavirus pandemic.
JD.com served as a lifeline for millions of people during the early stages of the COVID-19 crisis, when the Chinese government imposed strict lockdowns to slow the spread of the disease. "Since the COVID-19 outbreak, JD has steadfastly leveraged our distinctive supply chain and technology capabilities to contribute to society and ensure the steady supply and undisrupted delivery of daily necessities to consumers," CEO Richard Liu said in the company's second-quarter earnings release.
More than 100 million people joined JD.com's e-commerce platform over the past year. That helped to fuel a 29% year-over-year increase in the online retail leader's revenue, to $25.7 billion, and an 80% rise in its adjusted net income, to $818.6 million.
As China's largest online retailer by revenue, JD.com provides next-day or faster delivery service to 99% of the country's 1.4 billion people. Combined with its more than 440 million active customer accounts, this places JD.com in a strong position within a Chinese e-commerce market that will exceed $4 trillion by 2023, according to eMarketer.