JD.com 1Q 2019 Update

May 16, 2019

∙ Paid

JD reported first-quarter results last week. Revenue grew about 21%, including 44% net service revenue growth, and margins expanded as both JD Retail and JD Logistics benefited from operating leverage.
JD's strategic partnership with Tencent has been renewed for another three years, which takes one risk off the table for a while.
JD agreed to sell 14.5% of its JD Health subsidiary for over $1 billion, indicating a $7 billion valuation for this subsidiary I hadn't previously considered.

Implied Expectations