ALIBABA REDUCED QUARTERLY PROFITS AND INCREASED REVENUE



 

In the fiscal quarter that ended in June, China's Alibaba Group Holding cut its bottom line but boosted revenue amid growth in e-commerce and cloud computing businesses.

The company's net profit for the reporting quarter was 45.1 billion yuan ($ 7 billion), or 16.38 yuan per ADS, versus 47.6 billion yuan, or 17.36 yuan per ADS a year earlier.

 

Profit excluding one-off factors was 16.60 yuan per ADS, up from 14.82 yuan a year earlier. Analysts surveyed by FactSet had an average profit forecast of 14.33 yuan.

 

Alibaba's revenue in the last fiscal quarter increased to 205.7 billion yuan from 153.8 billion yuan in the same period last year. Experts had expected an average of 209.1 billion yuan on average.

 

Revenue for the core e-commerce business rose 35% to RMB 180.2 billion, while cloud revenues rose 29% to RMB 16.1 billion.

 

The annual audience of users of Alibaba's retail services in China increased by 45 million in the 12 months ended June 30 and reached about 1.18 billion.

 

The number of company users in China who are active at least once a month and access services from mobile devices grew by 23 million in the quarter and by 79 million in a year, reaching 925 million.

 

The company said it is increasing its share buyback program to $ 15 billion from $ 10 billion. This is the largest program in Alibaba's history and has so far bought back ADS for about $3.7 billion since April 1.

 

Alibaba ADR quotes lost 0.9% during pre-trading in New York on Thursday. The market value of the company since the beginning of this year has decreased by 14%.

 

Alibaba owns the largest e-commerce platforms in China, including the most popular one, Taobao. The company brings buyers and sellers together on these platforms, providing them with various services. Alibaba accounts for 80% of the country's e-commerce turnover.

 

 

 

 

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