JD.Com Inc (ADR) (NASDAQ:JD) announced a strong first quarter of 2017 that saw China’s No. 2 e-commerce operator flip to a profit. As a result, JD stock is up more than 8% in Monday’s premarket trade.

JD.com announced that first-quarter 2017 net income from operations was $122.5 million compared to a $126 million loss in the comparable period last year. Earnings were 2 cents per share of JD stock, according to a company announcement.

The swing to profit came as net revenue reached $111.1 billion, up 41.2% from last year’s first quarter. JD.com is China’s second-largest e-commerce firm, smaller than only Alibaba Group Holding Ltd (NYSE:BABA). It also operates an online marketplace for third-party sellers to sell their products to customers. In recent months, JD.com has added household goods from producers such as Bayer (OTCMKTS:BAYRY) and Cetaphil, along with expanding into data, cloud and artificial intelligence services.

“We are pleased to report another strong quarter of top and bottom line growth, as margins benefited from our rapidly growing scale across all of our product categories, as well as improved operating leverage,” said Sidney Huang, JD.com’s chief financial officer. “In the quarters ahead, we will continue to invest in innovative technologies to ensure long-term growth across our platform.”

JD.com said it had approximately 120,000 merchants on its online marketplace as of April 30. During the quarter, it debuted a partnership with U.K. retailer and Wal-Mart Stores Inc (NYSE:WMT) unit ASDA to bring British products to Chinese consumers.

“The Chinese market is embracing our model of a high-quality online shopping experience,” said Richard Liu, Chairman and CEO of JD.com.

Looking Ahead

Directing guidance, JD.com said net revenue for the second quarter of 2017 is expected to be between $12.8 billion and $13.1 billion, or a growth rate between 35% and 39% compared with the second quarter of 2016. Net revenue excluding JD Finance for the second quarter of 2017 are expected to be between $12.5 billion and $13.0 billion, representing a growth rate between 33% and 37%.

JD stock is up more than 40% this year, gaining almost 12% in the last month alone.