JD Q1 FY23:

Retail -2% Y/Y.

Logistics +34% Y/Y.

New businesses -40% Y/Y.

• Revenue +1% to $35.4B ($0.6B beat).
• Service revenue +34% to $6.9B.
• Operating margin 2.7% (+3.8pp Y/Y).
• Non-GAAP EPADS $0.69 ($0.19 beat).