Richard Liu, CEO of JD.com, raises his arms to celebrate the IPO of his company in New York.

China’s JD.com reported record-breaking net revenue and profit in the second quarter ended June 30 on Tuesday, beating Wall Street estimates.

The Google-backed company’s total net revenue jumped 22.9 percent year-over-year, to 150.3 billion renminbi, or $21.27 billion. The analyst consensus was expecting revenue of 147.49 billion renminbi, according to IBES data from Refinitiv.

Its net service revenues were 16.8 billion renminbi, or $2.4 billion, an increase of 42 percent from the second quarter of 2018.

Income from operations was 2.26 billion renminbi, or $330.2 million, compared with a loss from operations of 1.03 billion renminbi for the same period last year.

Non-GAAP income from operations for the second quarter of 2019 was 3.21 billion renminbi, or $468.7 million.

In the second quarter, JD.com continued to court premium brands to join the platform as Toplife has been merged with Farfetch China. Notably, Prada Group opened first-party flagship stores for Prada, Miu Miu and Car Shoe on June 18, coinciding with JD.com’s yearly shopping festival, which also set a new record. The 618 festival is the company’s marquee event akin to Alibaba’s Singles Day festivities.

JD.com shares saw solid demand in trading following the news, closing up 12.9 percent to $30.66.

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