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Alibaba reports soaring sales


Tmall owner Alibaba has reported a jump in sales and profits, beating earnings estimates for the quarter ending 30 June.

Group revenue at the Chinese tech giant was up 34 percent in the quarter to 153.8 billion Chinese yuan (21.8 billion US dollars). Net income in the period was up 143 percent to 45.4 billion yuan (6.6 billion dollars).

Its annual active consumers across its China retail marketplaces reached 742 million, an increase of 16 million from the 12-month period ended 31 March 31.

“Alibaba delivered excellent results this past quarter. We were well positioned to capture growth from the ongoing digital transformation, which has been accelerated by the pandemic, in both consumption and enterprise operations,” Alibaba Group chairman and CEO Daniel Zhang said in a statement.

“We mobilized our entire digital infrastructure to support the economic recovery of businesses across a wide range of sectors, while broadening and diversifying our consumer base by addressing their changing preferences in a post-Covid-19 environment. Despite these unusual times, we remain focused on the long term, on fulfilling our mission, and on creating true value for our consumers and business customers.”

Maggie Wu, CFO of Alibaba Group, added: “We delivered a very strong start to our new fiscal year, with revenue growing 34percent year-over-year and adjusted EBITDA growing 30 percent year-over-year.

“Our domestic core commerce business has fully recovered to pre-Covid-19 levels across the board, while cloud computing revenue grew 59 percent year-over-year. Our strong profit growth and cash flow enable us to continue to strengthen our core business and invest for long term growth.”