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November 3, 2016

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Alibaba’s revenue rise beats estimates

Source: Agencies | November 3, 2016, Thursday | Print Edition

CHINESE online shopping giant Alibaba Group Holding Ltd reported a 55 percent rise in second-quarter revenue yesterday, beating analyst estimates on the back of core e-commerce sales and strong media and entertainment growth.

It was a second straight quarter of robust results for the company, suggesting it can still generate strong growth even as worries abound about the health of China’s economy and its retail sector.

The country’s biggest e-commerce firm is currently gearing up for its November 11 Singles Day shopping festival.

The event is a yardstick for both the company and the health of the Chinese retail sector, although the United States Securities and Exchange Commission is currently investigating the accounting methods and system Alibaba uses to report its Singles Day figures.

Last week, Alibaba said the investigation would not interfere with its performance on Singles Day.

The company has also been looking to increase cross-border sales volumes as the Chinese market becomes increasingly saturated. Alibaba has been expanding its footprint abroad, buying Southeast Asian online retailer Lazada Group for roughly US$1 billion in May.

Alibaba generated revenue of 34.3 billion yuan (US$5 billion) in the three months to September 30, beating an average estimate of 33.9 billion yuan in a Thomson Reuters poll of 24 analysts.

Revenues at its core commerce business jumped 41 percent from the previous year to 28.49 billion yuan, dominated by sales within China.

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