Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Technology

China's Alibaba Beats Quarterly Revenue, Profit Estimates

By Dayeeta Das
Share this article
China's Alibaba Beats Quarterly Revenue, Profit Estimates

China's Alibaba Group Holding Ltd beat quarterly revenue and profit estimates on Thursday as its core commerce and cloud computing businesses benefited from a shift to online shopping and working from home due to the coronavirus crisis.

The company's US-listed shares were up marginally before the bell.

The stock has gained about 23% this year, but has faced pressure as US President Donald Trump has said he could exert pressure on more Chinese companies after he moved to ban TikTok.

Sales from the company's core commerce business jumped 34% to 133.32 billion yuan (€16.28 billion) in the three months ended June.

Divisional Performance

Alibaba said its domestic core commerce business has fully recovered to pre-COVID-19 levels, while cloud computing revenue surged 59% to 12.35 billion yuan (€1.51 billion).

ADVERTISEMENT

Excluding items, the company earned 14.82 yuan per American depository share (ADS). Analysts had expected 13.78 yuan per ADS, according to IBES data from Refinitiv.

Revenue rose to 153.75 billion yuan (€18.77 billion) in the first quarter from 114.92 billion yuan (€14.03 billion), a year earlier.

Analysts had expected revenue of 147.77 billion yuan (€18.04 billion).

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.