Chinese e-commerce giant JD.com misses quarterly revenue estimates

People ride on a scooter past a JD.com's advertisement promoting Singles Day shopping festival, in Beijing, China October 26, 2023. REUTERS/Tingshu Wang/ File Photo

(Reuters) - Chinese e-commerce giant JD.com missed Wall Street estimates for quarterly revenue on Thursday, hurt by stiff competition and tepid customer spending amid a sluggish economic recovery.

The company's total revenue rose 1.2% to 291.4 billion yuan ($40.71 billion) in the second quarter, compared with estimates of 292.89 billion yuan, according to 23 analysts polled by LSEG.

($1 = 7.1585 Chinese yuan renminbi)

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Maju Samuel)