Shares in JD.com surged Wednesday after the Chinese e-commerce company reported fourth-quarter earnings and sales ahead of expectations. There also was more for investors to be happy about.

JD.com reported earnings of 5.30 Chinese yuan (74 cents) on revenue of 306 billion yuan ($42.5 billion) in the fourth quarter. Analysts surveyed by FactSet had expected earnings of 4.69 yuan per share on revenue of less than 300 billion yuan.

The company also announced a dividend of 76 cents per U.S.-listed share and a new share buyback program to repurchase up to $3 billion worth of stock.

U.S.-listed shares of JD.com advanced 13% in premarket trading.

This is breaking news. Read a preview of JD.com earnings below and check back for more analysis soon.

The Chinese online retailer JD.com is due to report its quarterly earnings on Wednesday as a slowdown in the world’s second-largest economy continues to drag on global markets. Not even a strong showing may be enough to help the stock.

JD.com is expected to report earnings of 4.69 Chinese yuan (65 cents) from sales of 299.7 billion yuan ($41.7 billion) in the fourth quarter, based on the estimates of analysts surveyed by FactSet. If it does, that would mean earnings per share slipped from 4.81 yuan December 2022, with annual sales growth of less than 1.5%.

It’s a far cry from the company’s days of double-digit sales growth.

While China’s economic slowdown over the past year has rattled markets, names like JD.com have been hit especially hard because the e-commerce group is highly sensitive to patterns among Chinese consumers. A bad stretch for the economy has pinched pockets, pushing shoppers to more budget-friendly rivals such as PDD, which owns rival Pinduoduo in China and Temu in the U.S.

JD.com stock has performed significantly worse than its rivals. The group’s U.S.-listed stock has tumbled more than 50% over the past year, losing more than 25% of its value in 2024 alone, while shares of Alibaba are off 19% in the past 12 months. They are down 7% this year.