Source: Tech – South China Morning PostChinese online shopping giant JD.com reported a 53.2 per cent year-on-year decline in first-quarter profit to 5.1 billion yuan (US$750.2 million) due to protracted competition on the e-commerce and food delivery fronts.
The company was able to swing back to profitability after posting a loss in the previous quarter. Under non-generally accepted accounting principles which excludes one-off costs and non-cash items, JD.com posted a net income of 7.4 billion yuan in the March quarter, compared with…Read More