China e-commerce company JD.com (JD) reported quarterly earnings before the market open Tuesday that fell short of Wall Street estimates, though revenue topped views.
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JD.com reported revenue of $16 billion, beating the estimate of $15.5 billion. It reported adjusted earnings of 11 cents per share, missing the consensus of 14 cents, vs. 15 cents a year ago.
The Chinese online sales giant sees second-quarter revenue in the range of $18.8 billion to $19.5 billion. The would be a 29%-33% gain in local currency terms, after the first quarter's 33% local currency gain.
JD.com shares fell 2.6%, near 37.75, before the open on the stock market today. The stock is trading below its 50-day and 200-day moving average.
On Heels Of Alibaba
It follows the quarterly earnings report of Alibaba (BABA) last Friday, which beat views. Alibaba and JD.com are the two largest internet companies in China, but with different business models. JD.com handles more direct sales while Alibaba is the largest in terms of gross merchandise volume. The two companies are investing heavily in new markets to pull in more customers.
JD.com said active customer accounts rose 27.6% to 301.8 million.
"We will continue to focus on building our technology capabilities to further enhance our customer experience and deepen the strength of our infrastructure," said Richard Liu, chairman and chief executive, in prepared remarks with the earnings release.
The company had about 170,000 merchants on its online marketplace as of April 30.
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