Economy

Alibaba profit up 132% in 'outstanding' quarter

Alibaba profit up 132% in 'outstanding' quarter”

Adjusted EBITDA margin, meanwhile, was lower.

Alibaba chief executive Daniel Zhang said a recent push into offline services and a number of recent store deals had helped contribute to growth. Our consumer insights and technology innovation were the key drivers behind our customer value proposition across the Alibaba economy.

Shares gained 75 cents to $186.83 mid-morning Thursday. "We are seeing the early results from our efforts to integrate online and offline with our New Retail strategy, and consumers have benefited from access to high quality products, improved customer experience and the tremendous convenience of shopping anytime, anywhere". Net profit for the period increased by 146 percent to reach RMB 17.7 billion ($2.7 billion).

Adjusted net income was 22.09 billion yuan or $3.32 billion, compared to 12.95 billion yuan past year. The quarter just gone is traditionally a quiet once as the firm prepares for the 11/11 shopping bonanza - Alibaba grossed $17.79 billion in GMV on the day past year - but Alibaba bucked that trend this time around. Earnings per share grew to 6.78 yuan or $1.02 from 2.97 yuan a year ago.

Revenue from Alibaba's fast-growing cloud computing business was 3.0bn yuan, up 99% but slowing from a 130% rise a year earlier. Total annual users rose to 488 million in China, up 11 percent per year and five percent sequentially, and mobile monthly users hit 549 million, an increase of 22 percent year-on-year and four percent quarter-on-quarter.

Alibaba is also seeing impressive growth in other areas, albeit that none are as lucrative as its Chinese commerce business.

Digital entertainment - which spans streaming giant Youku Tudou, as well as separately listed Alibaba Pictures - saw revenues increase by a third to $721 million.

The company was now raising its growth forecast for revenues in the full fiscal year to 49-53 percent, compared to a previous expectation of 45-49 percent growth, citing the expected beneficial impact of its plan to take control of logistics company Cainiao.



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