Markets News

CORRECTED-UPDATE 1-China's revenue jumps nearly 30% on online sales boom

(Corrects year-ago revenue figure to 134.84 billion yuan from 134.82 billion yuan in paragraph 5)

Nov 16 (Reuters) - Chinese e-commerce company Inc on Monday posted a 29% jump in third-quarter revenue as online orders for groceries and other essentials stayed strong even after coronavirus-led restrictions were lifted in the world’s second-largest economy., which competes with Pinduoduo and larger rival Alibaba Group Holding in a domestic market nursing pandemic-driven losses, benefited from a broader shift to consumers shopping online from the comfort of their homes.

Sales in its product segment, which includes online retail sales, rose 27% to 151.4 billion yuan ($23 billion) in the quarter.

Net income attributable to ordinary shareholders rose to 7.56 billion yuan from 612.3 million yuan a year earlier. reported net revenue of 174.21 billion yuan ($26.47 billion) in the third quarter ended Sept. 30, compared with 134.84 billion yuan last year. ($1 = 6.5815 Chinese yuan renminbi) (Reporting by Eva Mathews in Bengaluru; Editing by Devika Syamnath)