Alibaba profit almost doubles on robust revenues

17 August, 2017, 17:39 | Author: Oscar Goodwin
  • Alibaba staff at a mass wedding at their Hangzhou base

Alibaba Group Holding shares rose almost 5% in pre-market trading after the Chinese eCommerce giant reported better-than-expected earnings thanks to an increase in mobile users and paid cloud customers. The company also reiterated its guidance for revenue growth of 45% to 49% for the fiscal year.

Sales on the company's e-commerce platforms made up 86 per cent of revenue in the three months to June 30th, up from 73 per cent a year prior. He pointed to the fact that the company has more than 500 million mobile users, more than $500 billion gross merchandise volume, "industry-leading" earnings before interest, taxes, depreciation and amortization (Ebitda) margin, and a "rapidly growing" cloud business.

Alibaba earns revenue from e-commerce by offering paying merchants consumer insights and advertising options to better target and engage customers. It has also targeted new merchants in Russian Federation and the United States as part of a wider plan to boost revenues and attract new customers outside China. Analysts were looking for adjusted earnings of 93 cents, according to.

"If you don't have full integration then new retail remains a concept rather than reality".

In the cloud business, revenue grew by 96 per cent in the quarter to 2.4 billion yuan, with paying customers breaking the 1 million mark for the first time, up from 577,000 a year earlier.

Revenue from its worldwide e-commerce businesses chalked up 2.64 billion yuan (US$389 million) for the quarter, growing 136 percent year-on-year.

Alibaba had another blockbuster quarter of business as its profits nearly doubled.

The bulk of the Hangzhou-based company's revenue came from its core e-commerce business, including the online shopping platforms Taobao, Tmall, and its global business units like AliExpress and Lazada in Southeast Asia, where sales rose 58 per cent to 43 billion yuan from previous year.

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