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It surpassed analysts’ expectations: Alibaba increased its revenues by 42% in the first quarter of this year.
From April to June, the income of China’s e-commerce giant rose to €14.7 billion, driven by the growth of its e-commerce and cloud computing units.
Over the same period it last year, its revenues were €10.4 billion.
J&P Daily Digest
E-Commerce: Alibaba Reports a Strong Revenue Gain of 42%
Today, Alibaba reported their earnings for the first quarter ending in June. #Alibaba reported #revenue of 114.9b #Chinese yuan ($16.7b), which is a 42% gain in comparison to the same period last year. pic.twitter.com/HhFZ2A2XIF
— J&P Accountants (@jpaccountantsuk) August 16, 2019
The company announced that its active consumer network has now reached 674 million users, an increase of 17% compared to last year.
Slowing domestic growth is now its biggest challenge. The online retail market is seen as saturated in China’s big cities.
— Jonathan Aufray ☕ (@JonathanAufray) August 16, 2019
Alibaba will have a new chairman next month. Chief executive Daniel Zhang will take over from Jack Ma.
The company’s charismatic founder wants to focus more on philanthropy and education.