for China's gross domestic product growth for 2022 and expect consumption to be a drag on the economy.
JD's retail segment, its largest division by revenue, brought in revenue of 217.5 billion yuan in the March quarter, up 17% year-on-year. The Chinese firm's logistics business, which is the second-largest unit, saw revenue rise 22% year-on-year to 27.3 billion yuan. JD Logistics also narrowed its losses in the quarter.
JD tries to differentiate itself from e-commerce behemoth Alibaba by focusing on its logistics business and is well-known in China for same-day deliveries. "JD.com's robust supply chain capabilities and technology-driven operating efficiency underpinned our solid performance during the quarter as we continued to deliver healthy growth amidst a challenging external environment," Xu Lei, CEO of JD.com, said in a press release on Tuesday.
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