JD.com (JD) Q3 2024 earnings summary

Executive summary

• Net revenues reached RMB 260.4 billion in Q3 2024, up 5.1% year-over-year, driven by rebounds in electronics, home appliances, and strong general merchandise growth.

• Non-GAAP net income attributable to shareholders was RMB 13.2 billion in Q3 2024, with a non-GAAP net margin of 5.1%.

• Operating income increased 29.5% year-over-year to RMB 12.0 billion, with operating margin improving to 4.6%.

• Active user base and shopping frequency expanded, with double-digit year-on-year growth in active customers for four consecutive quarters.

• Enhanced supply chain capabilities and user engagement contributed to improved profitability and user growth.

Financial highlights

• Net product revenues grew 4.8% and net service revenues increased 6.5% year-over-year in Q3 2024.

• General merchandise revenues increased 8% year-on-year, with supermarket category delivering double-digit growth.

• Gross profit grew 16% year-on-year; gross margin expanded 165 bps to 17.3%.

• Non-GAAP income from operations was RMB 13.1 billion, up 17.9% year-over-year; non-GAAP operating margin reached 5.0%.

• Free cash flow (TTM) was RMB 33.6 billion.

Outlook and guidance

• Confident in achieving double-digit non-GAAP net profit growth for full year 2024.

• Management expects continued value creation for users, partners, and shareholders, focusing on long-term operational and financial progress.

• Long-term profit margin goal is high single digit, driven by supply chain scale, category mix, and 3P business growth.