Why JD.com (JD) Shares Are Trading Higher Premarket Today - JD.com (NASDAQ:JD)

JD.com, Inc (NASDAQ: JD) reported first-quarter FY23 revenue growth of 1.4% year-on-year to $35.4 billion, beating the consensus of $34.6 billion.
JD Segment Performance: JD.com's net product revenue declined by 4.3% Y/Y to $28.5 billion. Net service revenues rose 34.5% Y/Y to $6.9 billion. JD Retail revenue declined by 2.4% Y/Y to $30.9 billion.
Margin: Non-GAAP operating margin expanded by 130 bps to 3.2%.
Non-GAAP net income per ADS of $0.69 beat the consensus of $0.51.
JD.com used $(3.7) billion in free cash flow and held $29.6 billion in cash and equivalents.
JD.com also named CFO Sandy Ran Xu to the position of CEO and director, succeeding Lei Xu. Lei Xu will retire as CEO and executive director for personal reasons. JD.com also named Ian Su Shan, the current CFO of JD Logistics, as the group's CFO.
Price Action: JD shares traded higher by 4.22% at $36.55 in the premarket session on the last check Thursday.
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JD.com Q1 Performance: Revenue and EPS Beat, Management Reshuffle, Stock Jumps