Quarterly revenue growth fell sharply compared to last year.

JD.com Inc.’s stock price dropped after the company revealed a steep decline in year-end sales growth due to Chinese consumers’ spending restraint.

Despite recent indications of a quick recovery in consumer spending in China, the company’s caution highlights the uncertainty that still hangs over the largest manufacturing nation in the world.

JD Announces a $1 Billion Dividend to Shareholders

The second-largest online retailer in China reported on Thursday that its revenue increased 7% from October to December, compared to a 23% increase a year earlier.

Richard Liu, a billionaire, founded JD, which has mostly evaded a direct hit from Beijing’s 2020–21 crackdown on the biggest internet enterprises in the nation.

Although Beijing officials are constantly voicing support for the private sector, JD has this year joined the sell-off in Chinese tech stocks, showing persistent uncertainty over regulators’ intentions.

JD shares, which are traded on the Hong Kong Stock Exchange, have decreased by nearly 28% this year.

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