Markets

Alibaba revenue surges 60% in 4th fiscal quarter

Alibaba revenue surges 60% in 4th fiscal quarter

Alibaba also announced a new $6 billion buyback.

Its CEO Daniel Zhang said: "Our core commerce segment continued its significant growth and strong cash flow at large scale, enabling our aggressive investment in cloud computing [and] digital media and entertainment to drive the digital transformation of the economy and high-quality consumption across China".

But the company's profit fell short of expectations, with a net income of US$1.55 billion, or 60 cents a share.

"Alibaba Cloud's top priority remains expanding its market leadership", the statement noted, adding that the services now transverse consumer brands, energy, financial institutions, healthcare, manufacturing, media and retail. Its Tmall platform is believed to handle over half of business-to-consumer transactions.

"The traditional thinking that pits e-commerce against physical commerce no longer holds", said Alibaba's co-founder and executive vice chairman Joseph Tsai Chung-hsin.

In October 2016, Alibaba invested in Hollywood director Steven Spielberg's production company Amblin Partners to produce, distribute and market films both in China and around the world.

Revenue in the fiscal year surged 56 percent to about 158.3 billion yuan year on year, according to Alibaba.




"Investors will be paying attention to Alibaba's top-line growth guidance for next year", Ray Zhao, an analyst at Guotai Junan Securities, told Bloomberg News.

Digital media and entertainment revenue grew even faster, rising 234% year-on-year to $571m.

"We reported another excellent quarter, with revenue growth accelerating to 60%, the highest growth rate we've achieved since our IPO", Alibaba's chief financial officer Maggie Wu was quoted as saying in a phone conference announcing results.

For the quarter, 85 percent of e-commerce revenue in China was transacted on mobile devices, compared to 71 percent year-on-year.

Mobile monthly active users on Alibaba's China retail marketplaces reached 507 million in March, an increase of 97 million from a year earlier.

"We are excited by the multiplied effects that can be gained through collaboration between our different platforms", he said. This included integrating the Singapore-based platform's payment system, Hello Pay, with Alibaba's own payment affiliate, Alipay.


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