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Chinese e-commerce giant posted record profits last quarter. Sales rose modestly by 1.7 percent in the third quarter to $34 billion converted. By contrast, net profit was $1.1 billion, up 33 percent from a year earlier. is engaged in a fierce price war with Alibaba Group and PDD Holdings at a time when consumers are tempering their spending. However, costs are rising sharply.

Consequently, JD's performance lags behind the double-digit growth of several years ago.

The figures show that JD Retail and JD Logistics are the biggest revenue drivers. JD Logistics had no fewer than 1,600 warehouses in the quarter. A total of 32 million square feet. reported record sales during Singles Day, without citing figures. Data researcher Syntun estimated trade sales of major Chinese e-commerce platforms at 1.14 trillion yuan ($156.40 billion).

Shares of the New York-listed company rose 4.5 percent beforehand,

Alibaba will announce its quarterly earnings on Thursday.

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