Alibaba's Jan-March revenue vaults 61% to $9.9 bn
05 May 2018
Chinese e-commerce giant Alibaba on Friday reported a 61-per cent jump in revenue for fiscal fourth quarter ended March 2018 to 61.9 billion yuan ($9.9 billion) and a 33 per cent decline in net income for the quarter to 6.6 billion yuan.
New York-listed Alibaba, which is diversifying its business to drive more growth, while expanding its activities across Southeast Asia and pushing beyond e-commerce and to new markets, sees 2019 revenue growth above 60 per cent
The Hangzhou-based company reported adjusted earnings per share of 5.73 yuan for the three months ended March 2018.
Alibaba also set a record of $768 billion in gross merchandise value (GMV), a measure of sales, in its financial year ended in March.
“I remain confident that we are on track to reach our goal of $1 trillion GMV by fiscal 2020,” company chief executive Daniel Zhang Yong said.
Annual active users on its China retail platforms, led by Taobao Marketplace and Tmall, increased by 37 million to reach 552 million.
Revenue from cloud computing in the March quarter doubled to 4.4 billion yuan, as the company added new partners that included China National Petroleum Corp, the Malaysian government and Cathay Pacific Airways.
In digital media and entertainment, Alibaba’s Youku Tudou video-streaming service expanded the number of subscribers by 160 per cent, with support from high-quality new content, the company said. That helped boost revenue in the segment by 34 per cent to 5.3 billion yuan in the March quarter.
Alibaba said it would continue to invest in acquiring new users and winning more share of consumer spending through expanding physical products, digital content and local services.
Alibaba, led by co-founder and executive chairman Jack Ma Yun said it would continue to expand new retail formats such as its Hema supermarkets. Its logistics unit, Cainiao, will continue to build out its infrastructure to support the growth by its new retail operations.
Alibaba, which is the parent company of the South China Morning Post, is also “actively exploring” a CDR listing in China, according to chief financial officer Maggie Wu.