What happened

Shares of JD.com (JD -5.33%) were moving higher today after the Chinese e-commerce company topped estimates in its first-quarter earnings report and announced a new CEO.

As of 3:04 p.m. ET, the stock was up 6.6% on the news.

So what

Top-line growth was sluggish as revenue increased just 1.4% to $35.4 billion, a reflection of intensifying competition and difficulty rebounding from years of zero-COVID restrictions.

Though that was JD.com's slowest growth on record, it still topped estimates at $34.6 billion.

There was also some good news in the revenue picture. While sales of goods like electronics and general merchandise continued to decline, JD.com's higher-margin services business posted strong growth, up 34% to $6.9 billion, with even faster growth in logistics.

That helped boost its bottom line, as adjusted operating income nearly doubled to $1.1 billion, and on the bottom line it reported adjusted earnings per share of $0.69, up 88% from the quarter a year ago, which beat estimates at $0.51.

Separately, investors also seemed to like that JD.com named a new CEO, as the stock had struggled under Lei Xu, who ran the company for the past year.

Its new CEO will be Sandy Ran Xu, who had previously served as CFO, and the company's statement did not shed much light on the reason for the transition, saying Lei Xu was stepping down for personal reasons.

Now what

The gains in JD.com stock seem to reflect the better-than-expected results and the stock's beaten-down price. 

The company did not issue guidance, but the near-flat growth rate is a concern, though it may be just a circumstance of the current challenges in the Chinese economy. JD.com was the first of China's big tech companies to report earnings this quarter, and we should learn more when Alibaba Group and Pinduoduo-owner PDD Holdings report earnings.

It will be a reassuring sign for investors if JD.com is gaining market share on those competitors.