Chinese e-commerce giant JD has announced its financial results for the first quarter of 2023, beating analyst expectations with a revenue of RMB 243 billion ($35.4 billion), a year-on-year growth of 1.4%. The company also reported that net service revenues for the first quarter of 2023 were RMB 47.4 billion ($6.9 billion), an increase of 34.5% from the same period in 2022. “JD saw strong growth in profitability in the first quarter as we continued to streamline our operations, optimize our product portfolio and expand our service offerings,” Lei Xu, CEO of, said in a statement to the Hong Kong stock exchange. Last month, the firm implemented an organizational overhaul of its main business unit JD Retail, cutting an organizational layer and reducing its reporting hierarchy between ordinary employees and JD Retail’s CEO. In a further statement to the stock exchange, JD also announced that Lei is set to leave the company “for personal reasons” and will retire this June after more than a decade with JD. Sandy Ran Xu, the current chief financial officer of, has been appointed as Lei’s successor, with Ian Su Shan, the current chief financial officer of JD Logistics, appointed as the firm’s new chief financial officer. [ statement]