Alibaba’s 32% jump in revenue beats forecast
Print Edition
CHINESE e-commerce giant Alibaba saw its revenue jump 32 percent year on year for the quarter ending in December, it said in a statement yesterday, despite slowing growth in the world’s second-largest economy.
Alibaba, which dominates the consumer-to-consumer market in China, said revenue hit 34.54 billion yuan (US$5.3 billion) in the December quarter, beating an average forecast of 33.2 billion yuan in a survey of analysts by Bloomberg News.
Investors have hammered the New York-listed shares of Alibaba as a proxy for China’s falling growth, weakening currency and domestic stock market turmoil.
China’s economy grew 6.9 percent in 2015, the slowest rate since 1990. Fourth-quarter growth alone slowed to 6.8 percent, its worst since the global financial crisis in early 2009.
“Alibaba Group had an outstanding quarter, reaching a milestone of over 400 million annual active buyers and continuing our unrivaled leadership in mobile,” Alibaba Chief Executive Daniel Zhang said in the statement.
Alibaba pointed out that its net income attributable to shareholders more than doubled, surging 111 percent on the year to US$1.93 billion for the three-month period.
Its closely watched gross merchandise volume — a measure of value for online sales — was US$149 billion for the period, up 23 percent year on year.
The quarter included China’s November 11 “Singles Day,” said to be the world’s biggest online shopping spree, when Alibaba saw US$14.3 billion worth of goods settled through its online payments unit.
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