Alibaba Surpasses 3Q Estimates With 41% Climb in Revenue

Posted February 01, 2019

Alibaba's fiscal third quarter revenue was 117.28 billion yuan ($17.5 billion), compared with 83.03 billion yuan the same period a year before, the company reported Wednesday.

Alibaba derives more than 90% of its sales from China and any signs of a worsening Chinese economy is very likely to impact the Chinese-dependent company.

Alibaba lowered its revenue outlook for its financial quarter ending in March before the top sales season due to economic uncertainties, according to Reuters.

In November last year, Alibaba's Single Day reported sales of Dollars 30.8 Billion in just 24 hours, increasing from USD 25.3 Billion compared to the year before.

The revenue for its cloud business increased by 84 percent year-on-year to 6.6 billion yuan, while its entertainment and media business increased by 20 percent to 6.5 billion yuan.

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However, the net income of Alibaba increased by 33 percent to reach 30.9 billion yuan, exceeding the estimates of 22.1 billion yuan and sending its share price up by two percent in pre-market trade.

Alibaba beat on earnings, but missed on sales.

USA -listed Alibaba's stock rose 2.3 percent to $160.50 during pre-market trading on January 30.

As of 12:48 p.m. on Wednesday, Alibaba shares traded in ADR form on the NYSE, were up $7.02, or 4.47% to $163.90 apiece.

Chief Executive Daniel Zhang said the company remains optimistic, adding that younger buyers were driving sales.

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China's economic growth in 2018 slowed to its weakest in almost three decades, amid faltering domestic demand and bruising USA tariffs.

On Tuesday, China's Ministry of Industry and Information Technology said revenue growth rates for domestic technology companies did not rise in 2018, and that consumer spending had slowed amid increased economic pressure.

The strong growth in Alibaba's cloud computing was primarily driven by increased spending from enterprise users.

The headquarters of private e-commerce giant Alibaba Group in Hangzhou, capital of Zhejiang province.

Digital media and entertainment revenue increased by 20% to United States dollars 944 Million and revenue from Innovation initiatives and others rose by 73% to USD 193 Million.

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