Tuesday, November 5

Tag: Alibaba FY2019

Alibaba Revenue Jumps 42 Percent in First Quarter
BUSINESS

Alibaba Revenue Jumps 42 Percent in First Quarter

Chinese e-commerce giant Alibaba 2019 first-quarter revenue beat analyst estimates. Revenue for the April-June period rose 42 percent year-on-year to 114.9 billion yuan (USD 16.7 billion), a company statement said, outpacing an average analyst estimate of 111.6 billion yuan. The result defying a slowing economy and a trade war with the United States. Alibaba's Executive Vice-Chairman, Joe Tsai attributed the results to China's demographic trends and continued urbanisation, pointing to the growing urban middle class willing to shell out for brands on Alibaba's e-commerce platforms. Net profit for the quarter was 21.2 billion (USD 3.1 billion), more than double from the same period a year earlier. Revenue in the Hangzhou-based company's core e-commerce segment, which accoun...