Top-line growth was sluggish as revenue increased just 1.4% to $35.4 billion, a reflection of intensifying competition and difficulty rebounding from years of zero-COVID restrictions. Separately, investors also seemed to like that JD.com named a new CEO, as the stock had struggled under Lei Xu, who ran the company for the past year. Its new CEO will be Sandy Ran Xu, who had previously served as CFO, and the company's statement did not shed much light on the reason for the transition, saying Lei Xu was stepping down for personal reasons.