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China's Sees 29% Jump In Revenue In Third Quarter

Published on Nov 16 2020 1:59 PM in Technology tagged: Trending Posts / E-Commerce / China / Grocery / / World News

China's Sees 29% Jump In Revenue In Third Quarter

Chinese e-commerce company Inc on Monday posted a 29% jump in third-quarter revenue as online orders for groceries and other essentials stayed strong even after coronavirus-led restrictions were lifted in the world's second-largest economy., which competes with Pinduoduo and larger rival Alibaba Group Holding in a domestic market nursing pandemic-driven losses, benefited from a broader shift to consumers shopping online from the comfort of their homes.

Quarterly Performance

Sales in its product segment, which includes online retail sales, rose 27% to 151.4 billion yuan ($23 billion) in the quarter.

Net income attributable to ordinary shareholders rose to 7.56 billion yuan from 612.3 million yuan a year earlier. reported net revenue of 174.21 billion yuan ($26.47 billion) in the third quarter ended 30 September, compared with 134.84 billion yuan last year.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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