Alibaba profits double on e-commerce boom

18 August, 2017, 01:12 | Author: Chad Mckenzie
  • Advertisers rise to VIP status for Alibaba

Revenues from its core ecommerce business accounted for 86 per cent of it's the total, increasing from 73 per cent a year prior. Revenue grew 56% to $7.40 billion, above the FactSet consensus $7.12 billion.

Alibaba reached 466 million annual active users on its China retail marketplaces, a 12 million increase year over year.

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Shares of Alibaba rose 5 per cent in pre-market trade in NY. "Our technology is driving significant growth across our business and strengthening our position beyond core commerce", Zhang said.

Alibaba's cloud computing business nearly doubled to 2.43 billion yuan (US$364 million), with the number of paying customers for cloud computing rising to 1.01 million in the second quarter from 874,000 in the previous quarter. The Hong Kong-based online retailer posted revenue of $7.52 billion, which also topped Street forecasts $7.15 billion.

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The company dominates e-commerce in China mainly through its Taobao platform, and its continued strong earnings performances have underlined the strength of the sector even as the country's broader economic growth has slowed. Paying customers for its cloud computing service increased from 874,000 to 1.01 million from the previous quarter.

Alibaba, though, has yet to prove the value of several recent large-scale offline investments, according to analysts, including a $2.6 billion infusion into department store chain Intime Retail Group Co Ltd. For the quarter, sales across its e-commerce businesses rose 58% to $6.3 billion.

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While the company explores new revenue streams with projects related to data, cloud computing, artificial intelligence and logistics, e-commerce continues to generate the vast majority of Alibaba's revenue. Meanwhile, revenue from digital media and entertainment increased 30% year-over-year to 4.1 billion ($602 million U.S.). What's more, revenue from its cloud business almost doubled, and entertainment revenue shot up 30 percent.

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