In the fourth quarter, JD.com reported revenue growth that fell short of analyst forecasts, resulting in a net income miss. The company cited increased investment and promotional spending within its food-delivery arm as the primary contributor to the shortfall.

Intensified competition in China’s local services market widened losses in JD’s food-delivery business, squeezing the group’s overall profitability. Management highlighted higher marketing costs and discounting as key factors driving the segment’s deeper deficits.

Following the release of its quarterly results, JD.com shares declined noticeably, diverging from peer moves in technology and semiconductor names that posted earnings beats. The pullback underscores investor concern over JD.com’s ability to stabilize margins amid fierce service-level competition.