Alibaba quarterly profits almost double to USD 1.55 billion

Alibaba quarterly profits almost double to USD 1.55 billion

That came even as revenue rose at a faster-than-expected 60 percent to 38.6 billion yuan ($5.6 billion).

China's embrace of the smartphone in the past decade - as well as economic activities related to the internet - has turned Alibaba, Tencent Holdings and other Chinese technology companies into some of the largest enterprises in the industry.

"Our robust results demonstrate the strength of our core businesses, as well as the positive momentum of our emerging businesses, including cloud computing, where we continue to see strong growth", said Maggie Wu, Alibaba's chief financial officer.

The company, whose Singles' Day on November 11 every year is the biggest online shopping festival on earth, reported 3.8 trillion yuan of gross merchandise volume last year.

Alibaba vice chairman Joseph Tsai told a conference call the company is seeking to capitalize on changes in the Chinese economy.

Annual active buyers the China retail marketplaces reached 454 million, an increase of 11 million from the 12-month period ended in December 2016.

"The successful data integration fitting our retail commerce platforms and our digital media and entertainment metrics now allows brands to track, engage and then manage the whole lifecycle of their customers in our ecosystems", said Zhang.

Stock Volume Ramping Up Mid-Session: American Eagle Outfitters, Inc. (NYSE:AEO)
COPYRIGHT VIOLATION NOTICE: This report was originally published by Markets Daily and is the sole property of of Markets Daily. Its share have plunged by -27.59% in percentage terms since the start of the year - and retreated -17.33% in the last month.

The number of paying customers in cloud computing rose 14 per cent during the quarter.

Full year revenue from digital media and entertainment increased 271 per cent year-over-year to US$2.14 billion.

In October Alibaba Pictures took a minority shareholding in Steven Spielberg's Amblin Partners, a film creation company that includes DreamWorks studios.

The Chinese business accounts for 67% of Alibaba's revenue, or $3.7bn - a 41% rise on the same period past year. Income taxes played a major role, skyrocketing 149% to 4.6 billion yuan in the quarter. Shares of Alibaba fell as much as 3.9 percent in pre-market trade before recovering.

Alibaba also announced a new $6 billion stock buyback authorization, after having repurchased $2 billion worth of shares (mostly from top investor SoftBank) in fiscal 2017.

"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.

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