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Alibaba revenue up 38% in Q3 to 161 bn yuan

Alibaba revenue up 38% in Q3 to 161 bn yuan
February 14
11:09 2020

HANGZHOU (China): China’s e-commerce giant Alibaba Group reported year-on-year revenue growth of 38 per cent to 161.4 billion yuan ($23.12 billion) for the fiscal quarter ending December 30, 2019. The company’s net profit attributable to shareholders was 52.31 billion yuan, soaring 58.3 percent compared with the same period last year, Xinhua reported on Thursday.

The profit surge was mainly due to the strong performances in online retailing and cloud computing, the company said. In the third fiscal quarter, the Alibaba Group Holding was listed on the Hong Kong stock exchange, making it the first Chinese Internet enterprise to list both in New York and Hong Kong.

Alibaba’s annual active consumers on Chinese retail marketplaces reached 711 million. Mobile monthly active users on Chinese retail marketplaces reached 824 million in December, an increase of 39 million than that at the end of September 2019, with 60 percent of the annual new consumers coming from less developed regions.

“We will remain dedicated to investing in digital infrastructure and services, supporting our customers and partners across the Alibaba Digital Economy, especially during the challenging time,” said Maggie Wu, the Chief Financial Officer of Alibaba Group.

Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group, said Alibaba will also mobilise its strength in commerce and technology to support the fight against novel Coronavirus and mitigate the impact of the outbreak on small and medium-sized enterprises by lowering their costs. IANS

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