JD.com stock fell even after the Chinese e-commerce giant posted a quarterly earnings beat Thursday, indicating China’s economic woes aren’t over yet. Third-quarter adjusted earnings per American-listed share came in at $1.

JD stock fell early Thursday even though the Chinese e-commerce giant beat third-quarter earnings expectations.

Alibaba’s Friday earnings will shine a light on the health of the Chinese consumer. The Chinese technology and e-commerce giant, is often seen as an economic bellwether and what the results reveal about spending habits will be a focus as China battles a sluggish economy where consumers would rather save than spend.