Chinese e-commerce giant JD released on Friday stronger-than-expected earnings for the first quarter this year thanks to strong performance from its core e-commerce business and renewed strategic agreement with Tencent.

The company reported net revenues of RMB121.1 billion ($18.0 billion) in the first quarter of 2019, an increase of 20.9% from the first quarter of 2018, beating the Refinitiv’s forecast of 120.1 billion. Net service revenues for the period were RMB 12.4 billion, an increase of 44.0% from the first quarter of 2018.

The company’s core business JD Retail, formerly known as JD Mall, grew its operating margin for the reporting period by 0.6% compared with the same period last year, driven by growth in advertising revenue and economies of scale.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.