China's Reports Higher Q4 Adjusted Profit

By Reuters
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China's Reports Higher Q4 Adjusted Profit

Chinese e-commerce firm Inc has reported a higher quarterly adjusted profit as China lifted strict pandemic-related curbs late last year.

The company's US-listed shares rose 1% in premarket trading.'s net income attributable to ordinary shareholders in the fourth quarter was 3 billion yuan ($430.92 million), compared with a net loss of 5.2 billion yuan a year earlier.

Revenue rose 7.1% to 295.4 billion yuan in the three months ended December, missing analysts' estimates of 296.17 billion yuan, according to Refinitiv data.

China Lockdown

Parts of China remained under strict lockdown for most of the December quarter, with shoppers holding back on spending amid continued economic uncertainty.


On an adjusted basis, the Beijing-based company earned 4.81 yuan per American depositary share in the reported quarter, compared with 2.21 yuan per share a year earlier. said in January it was winding down its e-commerce business in Indonesia and Thailand, markets where it faced stiff competition from Sea Ltd-owned SE.N Shopee.

Read More: US Regulators To Vet Alibaba,, Other Chinese Firms' Audits: Sources

Last month, peer Alibaba Group Holding Ltd reported higher-than-expected revenue in the December quarter.


The company's revenue rose 2% to 247.76 billion yuan (€33.9 billion) for its fiscal third quarter to 31 December, compared with a Refinitiv consensus estimate of 245.18 billion yuan (€33.5 billion) drawn from 23 analysts.

China's total retail sales contracted 1.8% in December, while its economy grew 3% in the full year 2022, one of its worst growth rates in nearly half a century.

News by Reuters, edited by ESM – your source for the latest technology news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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