JD.com off target even as China lockdowns lift

STORY: JD.com says it's going to take time for Chinese shoppers to regain their confidence.

The e-commerce giant said Thursday (March 9) that its profits were on the up.

It saw net income hit just over $430 million in the fourth quarter.

That compares with a loss in the same period a year ago.

Revenue rose 7.1% to over $42 billion, short of analyst forecasts.

JD blamed the softness on weakness in electronics and home appliances, which it partly put down to a soft property market.

Parts of China also remained under strict lockdowns during much of the quarter.

That left some shoppers holding back on spending.

Though the country has since begun to ease restrictions, JD says consumers remain cautious.

It also faces mounting competition from new rivals backed by the likes of Tencent and ByteDance.

Like arch-rival Alibaba it's now launched a major discounting campaign to drive sales.

JD.com's U.S.-listed briefly gained ground in U.S.-premarket trade on Thursday, only to turn lower before the market open.