JD.com Inc.(JD) stock dropped in the after-hours on Wednesday, here is why?

JD.com Inc. (JD) shares plummeted 6.90% in after-hours on Wednesday, December 22, 2021, and closed the daily trading at $68.66. However, in the regular trading session, JD’s stock gained 0.46%. JD shares have fallen 10.92% over the last 12 months, and they have moved up 0.12% in the past week. Over the past three months, the stock has lost 3.13%, while over the past six months, it has declined1.54%.

Let’s discuss its recent news and developments briefly.

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JD important corporate & shareholder changes

On December 22, 2021, JD.com, Inc. (JD), announced the retirement of  Martin Chiping Lau, who has served as a member of the Board of Directors of the Company and a member of the compensation committee since March 2014.

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Also, Tencent Holdings Limited that currently owns indirectly approximately 17.0% of the Company’s outstanding shares announced to distribute approximately 460 million Class A ordinary shares of the Company owned by Tencent to its shareholders. Tencent Holdings Ltd. will distribute more than $16 billion of JD.com Inc. shares as a one-time dividend. The Company and Tencent will continue to maintain their mutually beneficial business relationship.

JD Imports of Sunkist Citrus

On December 20, 2021, JD Fresh, the fresh produce business of JD.com announced a plan to double the imports of Sunkist’s citrus fruits in the next three years as the American citrus grower cooperative’s first export shipment of newly harvested navel oranges arrived in Shanghai from Long Beach, California in mid-December.

Latest financial results

On November 18, 2021, JD.com, Inc., announced its unaudited financial results for the three months ended September 30, 2021.

Q3 2021 financial highlights

  • JD reported total revenue of 7 billion (US$33.9 billion) in Q3 2021 compared to RMB32.7 billion (US$5.1 billion) for the third quarter of 2020.
  • The total cost f revenue was 6 billion (US$29.1 billion) for the third quarter of 2021 compared to RMB147.4 billion for the third quarter of 2020.
  • It suffered a net loss of RMB2.8 billion (US$0.4 billion) in Q3 2021 compared to a net income of RMB7.6 billion for the same period last year.
  • Non-GAAP EBITDA for the third quarter of 2021 was RMB5.9 billion (US$0.9 billion), compared to RMB6.6 billion for the third quarter of 2020.
  • The company ended the quarter with cash and cash equivalents, restricted cash, and short-term investments of RMB196.2 billion (US$30.5 billion).

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Conclusion

The recent share distribution by Tencent Holdings was the reason behind its after-hours plummeting on Wednesday. It can further decline in the coming trading sessions on Thursday as well.

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