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How JD.com’s Segments Have Performed


Aug. 20 2018, Updated 11:25 a.m. ET

JD.com’s reportable segments

JD.com’s (JD) essential reportable segments are the JD Mall and New Businesses segments. The JD Mall segment accounted for an average of 99% of the company’s revenue between 2016 and 2017. The section reported average growth of 41% in 2016 and 2017. The JD Mall segment reported revenue of 356 billion renminbi ($54.7 billion) in 2017. The section represents the company’s primary e-commerce business.

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The New Businesses segment accounted for the remaining 1% of the company’s revenue during the same period. The segment’s revenue growth rate jumped from 40% in 2016 to 83% in 2017. The New Businesses segment recorded revenue of 6 billion renminbi ($926 million) in 2017. The section includes third-party logistics services, technology enterprises, and foreign business.

Segment performance in the first half of 2018 versus that of 2017

The JD Mall segment grew 30% YoY and contributed 97% of the company’s total revenue, or 216.4 billion renminbi ($32.7 billion), in the first half of 2018. The segment saw 42% growth and constituted 99% of the company’s revenue, or 165.9 billion renminbi, in the first half of 2017. Revenue from New Businesses grew 158% to 6 billion renminbi ($912.1 million) in the first half of 2018. The segment expanded by 56% in the first half of 2017. Analysts are predicting revenue of 107.9 billion renminbi for JD.com for the quarter ending September 3, 2018.

Consensus revenue estimates for the upcoming quarter

Alibaba Group Holding’s (BABA) consensus revenue estimate for the quarter ended June 1 is 81 billion renminbi. Amazon’s (AMZN) revenue expectation for the quarter ending September 3, 2018, is $57 billion. eBay (EBAY) expects revenue of $2.7 billion for the quarter ending September 3, 2018. Walmart’s (WMT) revenue projection for the quarter ending October 3 is $124.8 billion.


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