The company’s March-quarter revenue grew 61 percent to 61.9 billion yuan ($9.73 billion) from a year earlier, beating analyst estimates of a 53 percent increase. The results mark two years of continuous quarterly revenue growth above 50 percent for Alibaba, even as new business investments in offline retail, cloud computing and overseas expansion continue to weigh on margins. Alibaba’s core commerce business grew 62 percent year on year to 51.3 billion yuan, while its cloud computing business grew 103 percent to 4.4 billion yuan, buoyed by new overseas data centres. Alibaba’s net income attributable to shareholders was 7.6 billion yuan in January-March, down 29 percent from the same quarter in 2017. The company posted 61.9 billion yuan ($9.73 billion) in revenue for January-March, versus an average estimate of 58.9 billion yuan from 23 analysts polled by Thomson Reuters I/B/E/S.

Source: bd News24 May 04, 2018 13:07 UTC