Financial report is out | JD.com's net profit in Q1 is 6.3 billion, turning losses into gains compared to the same period last year, Xu Lei steps down as CEO.

On Thursday, JD.com released its first quarter financial report. JD.com's Q1 revenue was RMB 243 billion, a year-on-year increase of 1.4%; net profit was RMB 6.3 billion, compared to a loss of RMB 3 billion in the same period last year; both figures exceeded market expectations.

In pre-market trading, JD.com rose 2.56%.

Xu Lei Steps Down as CEO

JD.com announced that Ms. Xu Ran, the current CFO, will replace Mr. Xu Lei as CEO and executive director of JD.com.

Mr. Xu Lei will step down as CEO and executive director of the company due to personal reasons.

Mr. Shan Su, the current CFO of JD Logistics, will become the company's CFO.

Q1 Financial Indicators

Q1 revenue was RMB 243 billion ($35.4 billion), up 1.4% from Q1 2022.

Q1 operating profit was RMB 6.4 billion ($0.9 billion), compared to RMB 2.4 billion in the same period last year.

Q1 operating profit under non-GAAP was RMB 7.9 billion ($1.1 billion), compared to RMB 4.7 billion in Q1 2022.

Q1 net profit attributable to ordinary shareholders under non-GAAP was RMB 7.6 billion ($1.1 billion), compared to RMB 4 billion in the same period last year.

Q1 net profit attributable to ordinary shareholders was RMB 6.3 billion ($0.9 billion), compared to a net loss of RMB 3 billion in the same period last year.

Q1 diluted earnings per ADS was RMB 3.93 ($0.57), compared to a loss per ADS of RMB 1.92 in Q1 2022.

Operating costs increased 0.4% from RMB 206.2 billion in Q1 2022 to RMB 206.9 billion ($30.1 billion) in Q1 2023.

Segment Business

Q1 service revenue was RMB 47.4 billion ($6.9 billion), up 34.5% from Q1 2022.

Q1 product revenue decreased by 4.3% compared to the same period last year.

Q1 retail operating profit margin, excluding unallocated items, was 4.6%, compared to 3.6% in Q1 2022.