JD.com swings to loss
JD.com Inc. swung to a net loss of 2.7 billion yuan ($391 million) in the fourth quarter of 2025, compared with a profit of 9.9 billion yuan a year earlier, as the fading impact of government trade-in subsidies weighed on its core electronics business and heavy investment in new ventures squeezed margins. The quarterly loss underscores the company’s challenge in balancing costly expansion into food delivery and overseas markets with cooling consumer demand in China, particularly as Beijing scales back retail stimulus measures.
