(Reuters) -Chinese e-commerce giant JD.com beat market estimates for quarterly revenue on Thursday, signaling resilient consumer spending on its platform, fueled by price cuts and government subsidies.

U.S.-listed shares of the company rose about 3% in premarket trading.

Consumer demand in China has remained muted amid persistent economic pressures and trade uncertainty, but retailers like JD.com have leaned on deep discounts, promotions and government stimulus to spur sales.

JD.com also benefited from record sales logged during the 618 festival – China’s largest mid-year shopping bonanza. Total gross merchandise value, a measure of sales, jumped 15.2% to reached an all-time high of 855.6 billion yuan, according to retail data provider Syntun.

Total revenue rose 22.4% to 356.66 billion

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