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 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.

  • Blizzard REVEALS new Skins and voice lines

    Fans have been feasted with a brief look of some of the upcoming maps, Skins and other new features for Overwatch . At the final parts of the Anniversary Event, players will have an Overwatch Game of the Year Edition as well.

    Cannes Film Festival 2017

    Festival director Thierry Fremaux issued a statement last week saying that only movies opening in French cinemas would make the list.

    Hitting special counsel, Trump calls Russian Federation probe historic 'witch hunt'

    On Wednesday, Mr Trump was quoted in a White House statement as saying: "I look forward to this matter concluding quickly". He says the move "shows we're a divided, mixed-up, not unified country" and is "a very, very negative thing".
  • Buccaneers sign veteran quarterback Ryan Fitzpatrick

    Louis Rams in 2005, he played in Cincinnati, Buffalo, Tennessee and Houston before signing with the Jets before the 2015 season. Howard for third-year quarterback Jameis Winston , this Buccaneers offense has the potential to set off some fireworks in 2017.

    Officials piece together events before nursing home shooting

    He also served time for a 2009 abduction of another woman. "I am afraid to be alone with him, that he will hurt me for good". When police entered the building, they discovered three dead from gunshot wounds, two employees and the suspected shooter., inc. Posted losses of -0.1% in the Last Trade

    The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink . Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events.
  • Antarctica Starting To Turn Green

    Antarctica is the coldest, most desolate place on Earth, a land of barren mountains buried beneath a two-mile thick ice cap. The researchers said they'll continue to examine core records stretching back in time over thousands of years.

    Paul Pierce says the Celtics should trade the No. 1 overall pick

    Both Thomas and Fultz are University of Washington products and have crossed paths on campus there in recent years. LeBron James has become quite familiar with the Boston fan base over the years.

    Former Fox News Boss, Roger Ailes, Passes Away At Age 77

    A sign displays the news that former Fox News Chairman and CEO Roger Ailes has died, on the outside Fox News headquarters in NY . Florida's asset protection law makes it much more hard for a current or future creditor to collect on a debtor's assets.
  • One-Third Of Iowa Corn Crop Was Planted In One Week

    This compared to last crop year's record production figure of 15,148 million bushels (174.6 bpa on 86.7 million harvested acres). The three states where none of the crop has emerged yet are Michigan, Minnesota and Wisconsin.

    Expensive sunscreen SPF 'fails to meet protection claim'

    Customer testimonials posted to company pages, like Harmonized Water, state the product is "like a second skin of protection". To get the most out of your sunscreen, make sure to have a broad spectrum SPF, which protects against UVB and UVA rays.

    Dunkin' Donuts now offering frozen coffee

    Today is also the last day for your chance to win $1,000 and a summer supply of Frozen Dunkin' Coffee . Find a Dunkin' Donuts near you and revel in the sweet pleasure of coffee that is frozen and free .