Alibaba celebrates a strong quarter

Alibaba celebrates a strong quarter

Alibaba Group has announced financial results for the quarter ended June 30, 2019.

The company revealed it had a strong quarter across the board; total revenue was RMB114.9 billion (US$16.7 billion), up 42% year on year.

Net income attributable to ordinary shareholders was RMB21.3 billion (US$3.1 billion), up significantly year-over-year due to significantly higher share-based compensation expense last year.

Cainiao logistics services revenue was RMB5.0 billion (US$729 million), up 50% year on year, driven by the increase in the volume of orders fulfilled.

Cainiao’s import fulfillment solutions served over 97% of Tmall Global packages in June 2019.

“Alibaba had a great quarter, expanding our user base to 674 million annual active consumers, demonstrating our superior user experience,” said Daniel Zhang, Chief Executive Officer of Alibaba Group. “We will continue to expand our customer base, increase operating efficiency and deliver robust growth. With strong cash flow from our core commerce business, we will continue to invest in technology and bring digital transformation to millions of businesses globally.”

“We had a strong quarter to start our fiscal year, with revenue growing 42% and adjusted EBITDA growing 34% year-over-year,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “We are pleased to see sustained user engagement and consumer spending across our platforms. We continue to invest for long-term growth while at the same time gaining cost efficiencies in our investment areas.”

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