Alibaba posts massive revenue jump
It has been an exceptionally busy time for Alibaba and its executives as they have been cracking down on counterfeit goods and meeting with the new President of the United States to discuss growth. Now, they have released financial figures for the third fiscal quarter, which are sure to delight investors.
The Chinese ecommerce giants have been all over the papers as their owner, Jack Ma, has been meeting with President Trump. But, Alibaba may be making headlines of their own with their Q3 figures as they have just declared total revenue of RMB 53.25 billion, which was up 54% from the previous year.
Alibaba also posted net income of RMB 17.12 billion, which was well ahead of analysts’ expectations of RMB 13.7 billion, and translated through to earnings per share of RMB 6.94.
In terms of where all of this revenue was coming form, in terms of sources it was as expected, the main earner was its Taobao marketplace, along with T-Mall brand service, which, when combined, accounted for RMB 46.58 billion in revenue.
Alibaba share price over the last month
As of 26 January 2017: 104.06
SOURCE: Yahoo Finance
Daniel Zhang, chief executive officer of Alibaba Group, said: “Our robust December quarter demonstrates the strength of the Chinese consumer and Alibaba’s ability to create value across our vast ecosystem.
“The 11.11 Shopping Festival (Singles Day) featured Alibaba at its best, integrating commerce, entertainment and social engagement, all happening globally at record scale. We are driving the age of ‘New Retail,’ which leverages big data and innovation to provide a seamless online and offline experience for nearly half a billion mobile monthly active users. This retail transformation will make it even easier and more efficient for brands and retailers to engage with these consumers anywhere, anytime.”
Dominion holds Alibaba in its Global Trends Ecommerce Fund.
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