Chinese online retailer JD.com Inc. is closing its consumer e-commerce services in Indonesia and Thailand amid intense competition in Southeast Asia. AdvertisementE-commerce vendors in Southeast Asia have been squeezed by intense competition, including from JD.com’s Chinese rival, Alibaba Group. JD.com reported a profit of 6 billion yuan ($800 million) in the quarter ending in September on sales of 243.5 billion yuan ($34.2 billion). That was an improvement from a loss of 2.8 billion yuan ($370 million) on sales of 218.7 billion yuan ($32.4 billion yuan) in the same period a year earlier. JD.com’s foreign operations and other “new business” accounted for just over 2% of total sales, the company said.

Source: New York Times January 30, 2023 09:56 UTC