By Deborah Mary Sophia and Casey Hall
(Reuters) -Chinese e-commerce group JD (NASDAQ:).com missed market estimates for quarterly revenue on Thursday, as a persistent slowdown in the world’s second-largest economy pressured consumers to keep a tight hold on their purse strings.
JD.com’s U.S.-listed shares fell as much as 7% before paring some losses to trade down 4%, even as the company reported a 48% jump in net income on the back of an improved supply chain.
A prolonged property sector crisis, a macroeconomic slowdown and heightened job insecurity have hammered consumer confidence in China, hurting retail sales and resulting in a bruising price war among major e-commerce platforms.
JD.com has been working to improve its share of sales from high-growth livestreamed e-commerce, as well as exploring international business growth, but trails rivals such as Alibaba (NYSE:) in livestreaming and Temu-owner PDD Holdings in tapping…
