JD Logistics, the logistics arm of e-commerce giant JD.com, saw its stock plummet 12.03% in Friday's intraday trading following a slower growth in its fourth-quarter net profit.
The Hong Kong-listed company reported a 23.4% year-over-year increase in its non-IFRS net profit to 2.23 billion yuan ($307.74 million) for the fourth quarter of 2024. While still registering growth, this figure marked a deceleration from the previous quarter, when its non-IFRS profit had tripled to 2.57 billion yuan.
The weaker-than-expected earnings performance has raised concerns among investors about the company's growth prospects, leading to the significant sell-off in its shares. JD Logistics' stock tumbled to HK$13.62, its lowest level since February 20, and is on track for its biggest one-day percentage decline since March 2022.
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