JD.com, Inc., (NASDAQ: $JD) headquartered in Beijing, is a prominent Chinese e-commerce company. Renowned for its substantial transaction volume and revenue, it stands as one of the two major B2C online retailers in China.
A member of the Fortune Global 500, JD.com is a formidable competitor to Alibaba’s Tmall. In the realm of technology companies, it holds the title of the largest in China by revenue and ranks 7th globally in 2021.
Established by Liu Qiangdong on June 18, 1998, JD.com launched its retail platform in 2004. Originating as an online magneto-optical store, the company swiftly diversified its offerings to include electronics, mobile phones, computers, and other related products.
In June 2007, the company changed its domain name to 360buy.com and later rebranded to JD.com in 2013, a move estimated to have cost $5,000,000. Simultaneously, JD.com unveiled a new logo and mascot. Tencent holds a 20% stake in the company, making it a partial owner.
JD.com has demonstrated a commitment to cutting-edge technology, investing in high-tech and AI delivery systems involving drones, autonomous technology, and robots. The company boasts the world’s largest drone delivery system, complete with extensive infrastructure and capabilities.
Recent ventures include testing robotic delivery services, establishing drone delivery airports, and introducing driverless delivery with the unveiling of its inaugural autonomous truck.
JD.com Beats Quarterly Estimates on Lower Prices and Cost Cutting Moves
American depositary receipts (ADRs) of JD.com surged by over 7% in early Wednesday trading following the Chinese e-commerce company’s release of better-than-anticipated results. JD.com’s strategy of attracting customers with lower prices while implementing cost-cutting measures proved successful.
In the third quarter of fiscal 2023, JD.com reported record profitability, with earnings per share (EPS) reaching 6.70 Chinese yuan ($0.92). The company also registered a 1.7% year-on-year increase in revenue, reaching 247.7 billion Chinese yuan ($34.2 billion).
CEO Sandy Xu attributed the robust results to the company’s proactive efforts in enhancing price competitiveness and platform ecosystem, along with leveraging supply chain advantages.
CFO Ian Su Shan highlighted JD.com’s expansion of market share in core categories such as home appliances and electronics, noting a gradual increase in momentum for general merchandise sales during the quarter.
JD.com achieved cost efficiencies by reducing research and development expenses by 7.8% and general and administrative costs by 5.6%. Despite the gains on Wednesday, ADRs of JD.com have experienced a decline of more than 50% for the year 2023.
JD.com, NetEase, and Meituan urgently seek HarmonyOS app developers following Huawei’s Android separation
Major Chinese internet companies are in a race to hire app developers for projects centered on Huawei Technologies’ HarmonyOS mobile platform. This move comes as the US-blacklisted telecommunications giant expands the reach of its self-developed operating system, aiming to detach from Google’s Android ecosystem.
Prominent tech firms such as JD.com, NetEase, and Meituan are actively recruiting HarmonyOS app developers, as reported by online career platforms Maimai and liepin.com.
Meituan, based in Beijing, is actively seeking roles like HarmonyOS infrastructure engineer, offering a monthly salary of 40,000 to 60,000 yuan (US$5,492 to US$8,238) for developers with HarmonyOS experience and the ability to contribute to research and development projects based on existing technological infrastructure.
JD.com and NetEase are also on the lookout for developers, specifically for apps designed for Huawei’s smartphones, according to the job postings on the mentioned platforms.
This recruitment drive aligns with Huawei’s strategy to expand the adoption of HarmonyOS as an alternative ecosystem within China. Company founder and CEO Ren Zhengfei outlined this strategy earlier in the year as a response to the impact of US sanctions. HarmonyOS is already running on over 700 million devices, with more than 2.2 million third-party developers creating apps for the platform.
Richard Yu Chengdong, CEO of Huawei’s consumer business group, and chairman of its Intelligent Automotive Solution business unit, announced at the company’s annual developer conference in August that the next iteration of HarmonyOS, called HarmonyOS Next, will phase out support for Android-based apps on devices installed with the new operating system. A developer preview version of HarmonyOS Next is expected to launch in the first quarter of the upcoming year.
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