Alibaba quarterly revenue beats estimates with net profit almost doubling
Hong Kong — Alibaba Group Holding’s quarterly revenue beat analysts’ estimates, powered by Chinese consumers’ thirst for cheaper and higher quality goods online. Net profit almost doubled on the sharp revenue growth in its core e-commerce and cloud computing businesses, AFP rerported. Alibaba said net income in the quarter ended June 30 was 14.7-billion yuan ($2.2bn), a year-on-year increase of 94%, AFP said. Revenue at China’s biggest e-commerce company rose 56% to 50.2-billion yuan ($7.4bn) in the three months ended June, the company said. This compares with the $7.2bn average of estimates compiled by Bloomberg. It reported non-GAAP diluted earnings-per-share of $1.17, versus the $0.94 projected. Alibaba bolstered its dominance in e-commerce by improving the advertising algorithms it uses to generate revenue from brands trying to reach the 466-million active consumers on its online platforms. This is buying time for billionaire chairperson Jack Ma to venture into traditional retai...
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