China’s JD.com Inc. (NASDAQ:JD) announced last quarter revenue increase of 62%. The second largest online retailer in China doubled its number of customer accounts year-to-year. Revenue reached $5.9 billion (36.6 billion yuan) and beat analysts’ expectations of 35.65 billion yuan.
The value of the merchandise shipped during the quarter also doubled to $14.14 billion (87.7 billion yuan). The company also announced that 42% of all sales were conducted using a mobile device.
The company’s American depositary shares had a loss of 2 cents due to increased inventory purchases and marketing efforts.
JD.com uses its own logistics network, to connect buyers and sellers rather than buying merchandise directly. The company has also announced that it would be working with Uniqlo, a Japanese company, to sell and warehouse the brand’s clothing. A strategic move, Uniqlo will provide authentic clothing labels to JD.com.
An announcement on Friday by the company shows that it has invested $500 million in Tuniu Corp (TOUR). Tuniu is a travel site that is listed on the NASDAQ with a market cap of 918 million and current share prices of $18.49, up 7.13% on the news.
JD.com’s stock fell during early morning trading before rising nearly 1% to $33.40 a share.