Citigroup said JD.com recorded a record high number of ordering users during its 618 shopping festival, with strong demand for services such as home cleaning, childcare, and home appliance installation.

According to Jin10, Citigroup said overall consumption remained weak, making the promotion’s performance relatively moderate.

Citigroup cut its forecasts for JD.com’s second-quarter revenue and non-GAAP earnings by 4.3% and 6.6%, respectively. It also lowered its revenue and earnings forecasts for 2026 to 2028 by about 1.3% to 1.4% and 4.4% to 6%, citing the possibility that weak consumer sentiment may persist.

Citigroup forecast JD.com’s second-quarter total revenue would fall 4% year on year to 342.5 billion yuan, while non-GAAP net profit was expected to reach 7.4 billion yuan, up 0.4% year on year.

The bank maintained its “buy” rating on JD.com’s U.S.-listed shares and kept its target price unchanged at $39.