Alibaba revenues rise 38%.
The total revenue of Alibaba increased 37% to 221.1 billion Yuan (US $34.24 billion) in the quarter ended December 31, above analysts’ estimates of 214.38 billion Yuan.
The results come at a time when China is cracking down on the business empire of the company’s founder, Jack Ma, having forced the suspension of a $37 billion IPO of the group’s financial subsidiary, Ant Group.
Revenue from its major ecommerce sites increased 38%, to a record 195.54 billion Yuan, driven by the company’s operations in China, while the economy was recovering from the Covid-19 crisis.
Alibaba reported today, quarterly revenue above Wall Street estimates, with the e-commerce division benefiting from a migration to online shopping, triggered by the Coronavirus pandemic.
Revenue for cloud computing increased 50% year on year, reaching 16.12 billion Yuan, with the division reporting a positive EBITDA for the first time.
The net profit attributable of Alibaba, to ordinary shareholders, was 79.43 billion Yuan, up from 52.31 billion a year earlier.