Alibaba announces quarterly results
Chinese conglomerate Alibaba has announced its financial results for the quarter ending 30 June.
Highlights of the announcement included the fact that revenue increased by 42% year-on-year, reaching $16.74bn, and yearly active users on its marketplaces increased by 20 million.
“Alibaba had a great quarter, expanding our user base to 674 million annual active consumers, demonstrating our superior user experience,” said Daniel Zhang, Chief Executive Officer of Alibaba Group. “We will continue to expand our customer base, increase operating efficiency and deliver robust growth. With strong cash flow from our core commerce business, we will continue to invest in technology and bring digital transformation to millions of businesses globally.”
Retail websites Tmall and Taobao both experienced growth. The latter benefited from China’s mid-year shopping festival to drive the company’s expansion into previously undeveloped areas. Tmall, meanwhile, experienced physical sales growth of 34% year-on-year for the quarter.
“We had a strong quarter to start our fiscal year, with revenue growing 42% and adjusted EBITDA growing 34% year-over-year,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “We are pleased to see sustained user engagement and consumer spending across our platforms. We continue to invest for longterm growth while at the same time gaining cost efficiencies in our investment areas.”