Citi: JD.com sees record orders during 618 Shopping Festival, maintains "Buy" rating

Golden Ten Data reported on June 24 that Citi released a research report stating that during JD.com (JD.O)'s 618 event, the number of orders placed by users reached a record high, with strong demand for services such as housekeeping, childcare, and home appliance installation. However, overall weak consumption led to relatively moderate promotional performance. Citi has lowered JD.com's revenue and non-GAAP profit forecasts for the second quarter of this year by 4.3% and 6.6% respectively. Revenue and profit forecasts for 2026 to 2028 have also been cut by approximately 1.3% to 1.4% and 4.4% to 6% respectively, reflecting that weak consumer sentiment may persist. Currently, Citi predicts that JD.com's total revenue for the second quarter will drop by 4% year-on-year to 342.5 billion yuan, while non-GAAP net profit is expected to reach 7.4 billion yuan, a year-on-year increase of 0.4%.