JD.com (NASDAQ:JD) (Hong Kong:9618Shares soared nearly 11% in early trading today after the Chinese tech giant announced strong fourth-quarter numbers and a $3 billion stock buyback program.
Revenue for the quarter was $43.1 billion, an increase of 3.6% from the same period last year. This figure was about $1.5 billion higher than expected. Similarly, earnings per American Depositary Share (EPADS) were $0.75, beating consensus by $0.12. JD focuses on user experience and price competitiveness, resulting in increased user engagement. The company aims to increase its market share in 2024.
Impressively, JD declared an annual cash dividend of $0.76 per ADS. This equates to him paying $1.2 billion worth of dividends. JD’s dividend will be paid on April 29th to shareholders of record as of April 5th. Additionally, JD announced his new share buyback program worth $3 billion. Based on this authorization, the company plans to carry out share buybacks over the next 36 months.
What is JD’s target price?
Today’s stock price increase comes after JD’s stock price has fallen nearly 54% over the past year. Overall, JD.com has a Street consensus rating of “Moderate Buy” and an average price target of $38.33. However, analysts’ views on the stock may be revised following today’s earnings report. However, it’s worth noting that expectations may change following today’s earnings report.
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