What happened
Shares of Chinese e-commerce company JD.com (JD -2.06%) 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.
So what
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.
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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.
Now what
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.
