China's JD.com reports Q1 revenue above estimates

Jd.com revenue beat market forecasts in the first quarter. Net profit rose 3.4% to $1.23 billion and revenue was up 7% in January to marchjd.com and rival Alibaba have lowered prices to keep market share in the world's second largest economy. Thursday's update showed price cuts and discount coupons helped boost sales for the Chinese online retailer. Consumers there have shown caution by moving towards a low cost, discount focused platforms. Jd.com has also grown its logistics, electronics and home appliance divisions. Analysts see four year sales growing 6.7%. Earlier, the sheerjd.com said it would not buy the warehouse and store network of British electrical retailer Currys. It's a deal that could have helped it expand in the UK and Europe. It has been less aggressive with international expansion than its Chinese rivals, though market watchers expect slowing domestic growth could force a search for new overseas revenue streams.