JD.com Turns To Profit In Q1, Net Revenues Up 1.4%; Names Sandy Ran Xu CEO

(RTTNews) - JD.com, Inc. (JD) reported first-quarter net income attributable to ordinary shareholders of RMB 6.3 billion, compared to a net loss of RMB 3.0 billion, last year. Net income per ADS was RMB 3.93, compared to a net loss per ADS of RMB 1.92. Non-GAAP net income per ADS was RMB 4.76, compared to RMB 2.53.

First quarter net revenues were RMB 243.0 billion, a 1.4% increase from last year. Net product revenues decreased by 4.3%, while net service revenues increased by 34.5% for the first quarter of 2023.

JD.com also announced that Sandy Ran Xu, the current chief financial officer, has been appointed as the chief executive officer and an executive director to succeed Lei Xu. Lei Xu will retire from his positions as the chief executive officer and executive director due to personal reasons. Ian Su Shan, the current chief financial officer of JD Logistics, has been appointed as the chief financial officer of the company. Lei Xu will begin the process of handing the CEO role over to Sandy immediately.

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