JD.com, Inc.  (NASDAQ: JD) , China’s leading technology driven e-commerce company transforming to become the leading supply chain-based technology and service provider, today announced its unaudited financial results for the quarter ended  March 31, 2021.

First Quarter 2021 Highlights

• Net revenues  for the first quarter of 2021 were  RMB203.2 billion  (US$31.0 billion), an increase of 39.0% from the first quarter of 2020. Net service revenues for the first quarter of 2021 were  RMB27.9 billion  (US$4.3 billion), an increase of 73.1% from the first quarter of 2020.
• Income from operations  for the first quarter of 2021 was  RMB1.7 billion  (US$0.3 billion), compared to  RMB2.3 billion  for the same period last year.  Non-GAAP  income from operations  for the first quarter of 2021 was  RMB3.5 billion  (US$0.5 billion), compared to  RMB3.3 billion  for the first quarter of 2020. Operating margin of JD Retail before unallocated items for the first quarter of 2021 was 4.0%, compared to 3.7% for the first quarter of 2020.
• Net income  attributable to ordinary shareholders  for the first quarter of 2021 was  RMB3.6 billion  (US$0.6 billion), compared to  RMB1.1 billion  for the same period last year.  Non-GAAP net income  attributable to ordinary shareholders  for the first quarter of 2021 was  RMB4.0 billion  (US$0.6 billion), compared to  RMB3.0 billion  for the same period last year.
• Diluted net income per ADS  for the first quarter of 2021 was  RMB2.25  (US$0.34), compared to  RMB0.72  for the first quarter of 2020.  Non-GAAP diluted net income per ADS  for the first quarter of 2021 was  RMB2.47  (US$0.38), compared to  RMB1.98  for the same period last year.
• Annual active customer accounts  increased by 29.0% to 499.8 million in the twelve months ended  March 31, 2021  from 387.4 million in the twelve months ended  March 31, 2020.

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“As we mark JD.com’s 18th anniversary, we are pleased to deliver another strong quarter of growth to kick off 2021,” said  Richard Liu, Chairman and Chief Executive Officer of  JD.com. “Since our establishment, JD’s focus on customers has set us apart and today we are proud that 500 million active users rely on JD’s broad selection of quality products and best-in-class customer services to support every aspect of their lives. JD is also increasingly the partner of choice for millions of businesses who benefit from our advanced supply-chain infrastructure to reduce costs and boost operating efficiency.”

“As our strong growth momentum from last year continued into the first quarter of 2021, we are also encouraged by the diversification of our revenue streams with an increasing contribution from service revenues.” said  Sandy Xu, Chief Financial Officer of  JD.com. “JD Retail’s operating margin further expanded during the quarter, as we continue to drive stronger operating leverage through technology and innovation.”

CWEB Analyst’s have initiated a BUY Rating for JD.com, Inc.  (NASDAQ: JD) ,  and a price target of $89. Net revenue has increased by 37% and Net service has increased by 73% Cash flow is also positive.