Alibaba quarterly revenue up 32%
Print Edition
CHINESE e-commerce giant Alibaba Group Holding Ltd reported a stronger-than-expected 32 percent rise in its second-quarter revenue yesterday, even as the value of goods transacted on its platforms grew at a slower pace.
Revenue from mobile platforms, an increasingly important area for the company, nearly tripled to US$1.66 billion, with mobile gross merchandise volume (GMV) accounting for 62 percent of total GMV transacted on Alibaba’s China retail marketplaces.
“Mobile is the trend and Alibaba is capturing that trend,” said Tian Hou, an analyst at T.H. Capital Research.
GMV, the total value of goods transacted on Alibaba’s retail marketplaces in China, rose 28 percent to US$112 billion, but this was the slowest growth in more than three years.
The lower GMV growth was not unexpected. In early September, Jane Penner, Alibaba’s head of investor relations, said the total value of transactions during the quarter would be smaller than originally expected due to lower order values.
Revenue rose to US$3.49 billion in the three months ended on September 30, beating the average analyst estimate of US$3.44 billion, according to Thomson Reuters.
The jump in revenue added weight to Alibaba founder and Executive Chairman Jack Ma’s recent comments that concerns about slowing consumption in China were overdone.
The earnings report comes about two weeks before Alibaba’s “Singles Day” shopping festival on November 11, which netted GMV of more than US$9 billion last year.
The company reported net income attributable to shareholders of US$3.58 billion, or US$1.40 per share. Excluding items, Alibaba earned 57 US cents per share, beating the average estimate of 54 cents.
Alibaba, facing rising competition from rival JD.com Inc, has been branching out from its core online shopping platforms in a bid to stem a slower growth in revenue.
During the quarter, Alibaba invested US$4.6 billion in Suning Commerce Group Co in a bid to bolster its ability to compete in logistics and electronics — two areas of strength for JD.com.
It has also poured more money into ventures outside China.
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