China's reports quarterly revenue above estimates

(Reuters) China’s Inc beat analysts’ estimates for quarterly revenue on Monday, as more customers used its online platform to shop for groceries and other essentials in the face of the COVID-19 pandemic.

U.S.-listed shares of the company rose more than 2% in trading before the bell.

The results come amid growing tensions between Beijing and Washington, which is pushing for tough scrutiny of Chinese stocks listed on U.S. exchanges.

Net product revenue, which includes online retail sales, rose 33.5% to 178.19 billion yuan.

Net income attributable to shareholders rose to 16.45 billion yuan from 618.8 million yuan a year earlier.

The company’s total net revenue rose 33.8% to 201.1 billion yuan ($28.98 billion) in the second quarter ended June 30. Analysts were expecting revenue of 190.95 billion yuan, according to IBES data from Refinitiv.

($1 = 6.9382 Chinese yuan renminbi)

Source: Reuters; Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel and Anil D’Silva 

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