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Alibaba exceeds expectations

Revenues were up 42% to $16.7bn (£13.8bn) at Alibaba for the three months to June 20, reassuring retailers that Chinese consumers are still spending despite the country’s slowing economic growth. 

The Chinese retail giant outperformed market expectations thanks to strong results in its ecommerce and cloud operations. 

Adjusted EBITDA for core commerce increased 25% year on year to $5.8bn (£4.8bn). 

Cloud computing revenue grew 66% year on year to $1.1bn (£900m) during the period, in which the service launched over 300 new products and features. 

Annual active users grew by 3% for the 12 months to June 30 to 674m on Alibaba’s China retail marketplace. 

This year Alibaba reported its largest ever 6.18 shopping festival, and Tmall physical goods gross merchandise value (GMV) up 38% year on year. 

Daniel Zhang, chief executive officer of Alibaba Group, said: “Alibaba had a great quarter, expanding our user base to 674 million annual active consumers, demonstrating our superior user experience. 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.”

 

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