Shares of Chinese e-commerce company JD.com (JD -2.56%) were up today after the company reported better-than-expected first-quarter results. Investors were happy that JD.com beat analysts' consensus top- and bottom-line estimates.
The tech stock was up by 2.7% at 11:26 a.m. ET.
The company reported non-GAAP (adjusted) earnings per share of $0.40 in the quarter, which was far better than Wall Street's average estimate of $0.24 per share.
Additionally, JD.com's revenue of $37.8 billion increased 18% from the year-ago quarter and outpaced analysts' consensus estimate of $34.8 billion for the quarter.
"JD.com's robust supply chain capabilities and technology-driven operating efficiency underpinned our solid performance during the quarter as we continued to deliver healthy growth amid a challenging external environment," JD.com CEO Lei Xu said in a press release.
While the company's financial report was solid for the first quarter, investors may have also noticed that the company's revenue growth was its slowest growth rate as a publicly traded company.
Additionally, investors may want to keep a close eye on the Chinese government's ongoing response to COVID-19. China has implemented a strict zero-COVID policy that continues to put many people into lockdowns across the country and has contributed to retail sales slumping 11% in April.
With China still committed to its coronavirus policies, which have hurt the country's economy, JD.com shareholders should continue to keep a close eye on the company's performance in the upcoming quarters, despite the better-than-expected results it reported today.