Alibaba’s Revenue Jumps Despite China Slowdown

Net income for the quarter stood at RMB 33 billion, following a 41% increase in revenue to RMB 117.3 billion from RMB 83 billion during the same period a year ago.

Alibaba lowered its revenue outlook for its financial quarter ending in March before the top sales season due to economic uncertainties, according to Reuters.

In 2018, even though Alibaba netted a record $30 billion from Singles' Day, annual growth dropped to the weakest rate in the event's ten-year history, as a slowing China and trade tensions chilled sentiment.

Alibaba dominates China's emerging consumer culture and its corporate results were widely anticipated for any signs of whether a worsening Chinese economic slowdown and the US-China trade tussle was curbing the country's appetite for shopping. The company's marketplace performance was equally as strong, with its core commerce adjusted EBITA growing 31 percent YOY to RMB 54.3 billion (US$7.9 billion).

Revenue for its cloud business rose 84 per cent year-on-year to 6.6bn yuan, while its entertainment and media business rose 20 per cent to 6.5bn yuan.

Alibaba beat on earnings, but missed on sales.

Alibaba's founder Jack Ma has previously described the China-U.S. trade spat as the "most stupid thing in the world".

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On the same call, Zhang said the company remains optimistic despite facing uncertainties, adding that younger buyers were driving sales. The firm had projected for a ¥119.4 billion in sales for the quarter.

Alibaba, which is listed in NY, is China's second largest company after Tencent and the world's second largest ecommerce company after Amazon.

China's economic growth in 2018 slowed to its weakest in nearly 30 years, with growth expected to decline even further this year.

In other words, Alibaba has a lot of irons in a fire that is still burning brightly, despite recent headlines.

Tsai said that Chinese consumers' consumption is still strong and is expecting it to grow over the next 5-10 years.

Alibaba, China's biggest e-commerce site, was up more than 3% early Tuesday after posting better-than-expected profits for the third quarter.

(Copyright © 2015. All Rights Reserved.)
 
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