Economy

Alibaba revenues jump 60% as Chinese growth continues

Alibaba revenues jump 60% as Chinese growth continues

"Our revenue base is now more diversified", Chief Financial Officer Maggie Wu said, adding that Alibaba's cloud and entertainment sectors became "more meaningful growth drivers" during the quarter.

Alibaba reported revenue of $5.61 billion, up 60% and beating the consensus estimate of $5.2 billion (35.87 billion yuan).

Alibaba's cloud business continued its run of triple-digit percentage increases, bringing in revenue of 2.2 billion yuan for the quarter, up 103 percent from a year earlier.

The company, whose Singles' Day on November 11 every year is the biggest online shopping festival on earth, reported 3.8 trillion yuan of gross merchandise volume last year.

Meanwhile, the annual number of active buyers on its retail platform in China climbed to 454 million, while the monthly number of active users on its mobile platform reached 507 million.

Alibaba vice chairman Joseph Tsai told a conference call the company is seeking to capitalize on changes in the Chinese economy.

"The successful data integration fitting our retail commerce platforms and our digital media and entertainment metrics now allows brands to track, engage and then manage the whole lifecycle of their customers in our ecosystems", said Zhang. As of March 2017, paying customers for cloud computing grew to 874,000, an increase of approximately 109,000 from the previous quarter.

While cloud unit revenue doubled in the March quarter to 2.2 billion yuan, the business had an operating loss of 505 million yuan as it slashes prices to snatch market share from Amazon.com Inc. and Tencent.

Income tax expenses soared 149 per cent to 4.6 billion yuan in the March quarter.

The company's shares listed in NY were marked down 3.6 percent to $116.6 in pre-market trading.

According to the South China Morning Post, which is also owned by Alibaba, Ma's wealth has been boosted by a solid rally in Alibaba's share price, which has been on an upward trend since beginning of 2017, soaring 37 per cent.

The company said Thursday it's green-lit a $6 billion share buyback program over two years.

"Alibaba Cloud's top priority remains expanding its market leadership", the statement noted, adding that the services now transverse consumer brands, energy, financial institutions, healthcare, manufacturing, media and retail.


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