Alibaba posts $13.6 billion Q1 revenue growth

SHANGHAI: Chinese e-commerce leader Alibaba on Wednesday announced revenue for the latest quarter that beat analyst estimates, indicating that the Sino-US trade tiff and a slowing domestic economy were having little impact on the bottom line.
Revenue for the January-March period rose 51 per cent year on year to $13.6 billion, a company statement said, outpacing an average analyst estimate of 91.7 billion yuan compiled by Bloomberg News.
Net profit was 25.8 billion yuan, up more than three-fold compared to the same period a year earlier.
Revenue in the Hangzhou-based company’s core e-commerce segment, which accounts for the vast majority of its business, jumped 54 per cent, while the smaller but fast-growing cloud computing unit surged 76 per cent.
“Our cloud and data technology and tremendous traction in new retail have enabled us to continuously transform the way businesses operate in China and other emerging markets, which will contribute to our long-term growth,” Chief Executive Officer Daniel Zhang said in the statement. — AFP