Alibaba's Q2 revenue up 32%, exceeding expectations
CHINESE e-commerce giant Alibaba Group reported a 32 per cent rise in second-quarter revenue, beating analyst estimates, even as the value of goods transacted on its platforms grew at a slower pace and growth slowed in the world's second largest economy.
Revenue rose to 22.17 billion yuan (S$4.9 billion) in the quarter ended Sept 30, compared with the average analyst estimate of 21.25 billion yuan, according to Thomson Reuters.
Alibaba's New York-listed shares were up 8.5 per cent in pre-market trading yesterday.
Gross merchandise volume, or the total value of goods transacted on its retail marketplaces in China, rose 28 per cent to US$112 billion (S$156 billion).
Mobile revenue nearly tripled to US$1.66 billion, with mobile gross merchandise volume accounting for 62 per cent of total gross merchandise volume transacted on Alibaba's China retail marketplaces.
Alibaba is branching out from its core online-only shopping platforms in a bid to stem a slowdown in revenue growth and the total value of goods transacted over its websites.
The company reported net income attributable to shareholders of US$3.58 billion, or US$1.40 per share. Excluding items, the company posted earnings of 57 US cents per share.
Alibaba shares closed at US$76.35 on Monday, down about 36 per cent from their record high of US$120 in November last year.